The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
H T
jO
LIBRARY
room
5030
JUN 141972
TREASURY DEPARTMENT
2
The S e r v i c e is p a r t i c u l a r l y i n t e r e s t e d in r e - e n l i s t i n g
f o r m e r Coast G u a r d s m e n to h e l p a l l e v i a t e this c r i tical
ation.
W i t h their e x p e r i e n c e a n d b a c k g r o u n d ,
situ
these v e t e r a n s
c o u l d fill m a n y of these vital a s s i g n m e n t s i m m e d i a t e l y .
¿ M 4
P o r the n e x t f e w m o n t h s the S e r v i c e e x p e c t s .to i M e a s M t
a p p r o x i m a t d l y 1 , 0 0 0 n e w r e c r u i t s d a c h months
6fU
'■JW t wil l be
n e e d e d to m a i n t a i n the C o ast G u a r d * s a u t h o r i z e d p e r s o n n e l
strength.
*0»
I t is h o p e d that m a n y o f t h e s e m e n will m a k e t h eir
c a r e e r in this,
the N a t i o n * s o l d e s t
s e a - g o i n g m i l i t a r y service
T h e C o ast G u a r d o f f e r s i n c o m i n g
b e n e f i t s of the GI B i l l of Rights,
personnel all
as well
existing
as o p p o r t u n i t y
fo r a d v a n c e m e n t to P e t t y O f f i c e r a n d C o m m i s s i o n e d Officer,
at n e w a n d h i g h e r r a t e s of pay.
TREASURY DEPARTMENT
Washington
'’P r
oposed
FRE55~Rg!5Asi~
S e c r e t a r y Snyder a n n o u n c e d t o d a y the U n i t e d S t ates Coast
G u a r d is l a u n c h i n g a d r ive for t h o u s a n d s of v i t a l l y n e e d e d
recruits,
a n d a p p e a l e d for full
support for this a l l - i m p o r t a n t
campaign.
A f t e r c o m p l e t i n g an e n v i a b l e w a r record,
the Coast G u a r d
is n o w e n g a g e d in c a r r y i n g out h e a v y p e a c e - t i m e a s s i g n m e n t s ^
^ S u p p l e m e n t i n g its n o r m a l p e a c e - t i m e
s e a r c h a n d rescue,
w e a t h e r patfcol,
m a r i n e h e a r i n g units,
are n u m e r o u s
functions,
which include
aid s to n a v i g a t i o n , m e r c h a n t
additional r e s p o n s i b i l i t i e s
w h i c h are d r a i n i n g m a n p o w e r to a cr i t i c a l
extent,
"I e a r n e s t l y solicit the c o o p e r a t i o n of the press,
radio,
and o t h e r m e d i a to h e l p the C o ast G u a r d in this campaign,"
Mr,
Snyd e r
said,
"The
suc c e s s s of the p r e s e n t p r o g r a m for
r e c r u i t s is i m p e r a t i v e if the e f f i c i e n c y of
the service the
C o a s t G u a r d r e d d e r s the N a t i o n is not to be impaired,"
T h e r p is a short a g e in c e r t a i n k e y ratings,
rad i o m e n ,
electrician^ mates,
m o t o r m a c h i n i s t ’s m a tes,
including
e l e c t r o n i c s t e c h n i c i a n ’s mates,
a n d all a v i a t i o n ratings,
w h i c h has
r e s u l t e d in the l a ying up o f ■ ilwirtOTin, ships a n d stations.
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
W e d n e s d a y , J a n u a r y 8 , 1947
Press S e r vice
No. S-201
S e c r e t a r y S n yder a n n o u n c e d t o d a y the Coast G u a r d is
l a u n c h i n g a d r i v e for t h o u s a n d s of v i t a l l y needed recruits,
and a p p e a l e d f o r full support for this a l l - i m p o r t a n t
campaign.
A f t e r c o m p l e t i n g an e n v i a b l e w ar record, the Coast Guard,
is n o w e n g a g e d in carrying out h e a v y p e a c e - t i m e a ssignments.
S u p p l e m e n t i n g its n o r m a l p e a c e - t i m e f u n c tions, w h i c h i n clude
s e arch a nd rescue, w e a t h e r patrol, aids to n a v i g a t i o n , m e r c h a n t
m a r i n e h e a r i n g units, are n u m e r o u s a d d i t i o n a l r e s p o n s i b i l i t i e s
w h i c h are d r a i n i n g m a n p o w e r to a critical e x t e n t .
"I e a r n e s t l y solicit the c o o p e r a t i o n of the press, radio,
an d other m e d i a to hel p the Coast G u a r d In this c a m p aign,"
Mr. Snyd e r said.
"The success of the pr e s e n t p r o g r a m f or
r e c r u i t s is i m p e r a t i v e if the e f f i c i e n c y of the service the
Coast G u a r d r e n d e r s the N a t i o n is not to be imp a i r e d . "
T h e r e is a shortage in c e r tain k e y ratings, I n c l u d i n g
radiomen, e l e c t r i c i a n ' s mates, e l e c t r o n i c s t e c h n i c i a n ' s mates,
m o t o r m a c h i n i s t ' s mates, and all a v i a t i o n ratings, w h i c h has
r e s u l t e d in the laying up of ships and stations.
The Se r v i c e is p a r t i c u l a r l y I n t e r e s t e d In r e - e n l i s t i n g
f o r m e r Coast G u a r d s m e n to h e l p a l l e v i a t e this c r i tical s i t u
ation.
W i t h their e x p e r i e n c e and b a c k g r o u n d , these v e t e r a n s
could fill m a n y of these vital a s s i g n m e n t s i m mediately.
F o r the nex t f e w m o n t h s the Service ex p e c t s to enlist
a p p r o x i m a t e l y 1,000 n e w r e c r u i t s eac h mont h , who will be
n e e d e d to m a i n t a i n the Coast G u a r d ' s a u t h o r i z e d p e r s o n n e l
strength.
It is h o p e d that m a n y of these m e n will m a k e their
c a reer in this, the N a t i o n ' s oldest sea-going m i l i t a r y service.
Th e Coast G u a r d
o f f e r s in c o m i n g p e r s o n n e l all e x i s t i n g
b e n e f i t s of the GI B i l l of Rights, as well
as o p p o r t u n i t y
for a d v a n c e m e n t to P e t t y O f f i c e r and C o m m i s s i o n e d Officer,
at n e w a nd h i g h e r r a tes of pay.
oOo
TREASURY DEPARTMENT
Washington
Secretary Snyder today delivered to the
Honorable Alcide de Gasperi, prime Minister of the
Italian Republic» a check In the amount of $50 million.
This sum represents a second payment of the
dollars already set aside in the Treasury to cover
expenditures made by our military forces in lira
currency for procurement of supplies» services and
facilities in Italy. The first payment of $51,450,000
was effected on December 20, 1946.
These payments have been made pursuant to a
direction from the President which was communicated
to the Italian Government In Paris on October 11, 1946
by Secretary Byrnes.
oQo
TREASURY DEPARTMENT
Washington
F O R I M M E D I A T E RELEASE,
Wednesday, January
1947»
S e c r e t a r y Snyder
Alc.ide de Gasperi,
Press Service
No. 3-202
today d e l i v e r e d to the H o n o r a b l e
P r ime M i n i s t e r of the
I t a l i a n Republic,
a c h e c k in the a m ount of $50 m i l l i o n .
This
already
sum r e p r e s e n t s
set aside
a second p a y m e n t
in the T r e a s u r y to cover e x p e n d i t u r e s
m a d e . b y our m i l i t a r y forces
of supplies,
payment
of the d o l l a r s
in l ira c u r r e n c y for p r o c u r e m e n t
s e r vices and f a c i l i t i e s
in Italy.
The first
of $ 5 1 , 4 5 0 , 0 0 0 was e f f e c t e d on D e c e m b e r 20,
T h ese p a y m e n t s h ave b e e n m a d e p u r s u a n t
fro m the President, w h i c h was
Government
in Paris
1946.
to a d i r e c t i o n
c o m m u n i c a t e d to the I t a l i a n
on O c t o b e r 11,
oOo
1946 by S e c r e t a r y B y r n e s ,
ix/m
- 3 -
sold, redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. Ul8, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
IXSM
-
2
-
Immediately after the closing hour, tenders m i l be opened at the Federal
Reserve Banks and Branches, following which public announcement rill be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders m i l be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for $200,000
or less from any one bidder at
accepted in full.
99*90^
entered on a fixed-price basis will be
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
Japuary 16. 19li7____ •
TO
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other excise taxes,
Yrhether Federal or State, but shall be exempt from all taxation now or here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
U2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section ll£ of
the Revenue Act of I 9I4.I, the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
mm
TREASURY DEPARTMENT
Washington
FOR RELEASE* MORNING NEWSPAPERSv
Friday, JanuarylQ, 19ii7______
The Secretary of the Treasury* by this public notice* invites tenders for
$ 1.300.000*000
> or thereabouts* of
91 -day Treasury bills, to oe issued
1
*TSl
s
on a discount basis under competitive and fixed-price bidding as hereinafter
provided.
January 16. 19lx7
> and
W
19L7_____ j when the face amount m i l be payable with-
The bills of this series m i l be dated
m i l mature
¿py.il 17
out interest.
They will be issued in bearer form only* and in denominations
of $ 1 *000* $5 *000* $ 10 *000* $ 100*000* $ 500*000* and $ 1 ,000,000 (maturity value).
Tenders m i l be received at Federal Reserve Banks and Branches up to the
closing hour* two o ’clock p.m.* Eastern Standard time*
Monday. January 13. 19li7 »
Tenders will not be received at the Treasury Department* Washington.
Each
tender must be for an even multiple of $1*000* and the price offered must be
expressed on the basis of 100* with not more than three decimals* e. g.* 99.925*
Fractions may not be used.
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for* unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
. . .
: „/''
T R E A S U R Y DEPARTMENT\ Washington
FOR RELEASE, M O R N I N G N E W S P A P E R S
F r i d a y , J a n u a r y 10,; 1947'
; ‘’ ' ‘.
.
... -•
4- Press S e r vice
■■■■. No.. 8-2*03
The Secretary ef/the Treasury, by this public notice,
invites/tenders for $ 1 , 3 0 0 , 0 0 0 , 0 0 0 or thereabouts, of 9 1 -day
Treasury bills/- to be is s u e d ■on a discount basis under compe
titive and fixed-price' bidding .as hereinaften-provided . The
bills of this series,vili be dated January 16, 1947, and vili
mature April 17, 1947 W vhen -the face amount vili be payable
vithc/ut 'interest.. . They vili be- issued in bearer form only,
and in denominations' of ($1,000, • $5,000,
$10,000,
$100,0-00,
$500,000, and $ 1 ,QQ0>000 (maturity value).
Tenders vili be received at Federal Reserve Ranks and
Branches up to the closing hour, tvo o'clock p.m., Eastern
Standard time,, Monday, January 13, 1947.
Tenders vili not be
received at the Treasury Department, Wàshington., Each- tender
must be for an even multiple of $1,000, and the price offered
must be expressed on the basis of Ì0Ó', 'vith-not..more than
three decimals, e.g.,, 99*925. Fractions may not be u s e d . It
is urged that tenders' be made .on .the printed forms and forvarded in the special'envelopes, whìcii v i l i -be supplied by
Federal Reserve Banks or ’Branches oh application therefor.
Tenders vili be received vithout deposit from incorporate
banks and trust companies and from responsible and recognized
dealers in investment securities.
Tenders from others must be
accompanied by payment of 2 percent of the face amount of
Treasury bills applied for, unless the tenders are accompanied
by an express guaranty of payment by an incorporated bank or
trust company.
Immediately after the closing hour, tenders vili be
opened at the Federal Reserve Banks and Branches, foll^ving
vhich public announcement vili be made by the Secretary of
the Treasury of the amount and price range of accepted bids.
Those submitting tenders vili be advised of the acceptance
or rejection thereof.
The Secretary of the Treasury expressly
reserves the right to accept or reject any or all tenders, in
vhole or in part, and his action in any such respect shall be
final.
Subject to. these reservations, tenders for $ 2 0 0 , 0 0 0
or less from any one bidder at 99.905 entered on a fixed-price
basis vili be accepted in full.
Payment of accepted tenders
at the prices offered must be made or completed at the Federal
Reserve Rank in cash or other immediately available funds on
January 16, 1947.
2
The inco m e d e r i v e d f r o m T r e a s u r y bills, w h e t h e r in t e r e s t
or g a i n f r o m the sale or other d i s p o s i t i o n of the bills, shall
not h ave a ny exemption, as such, and loss f r o m the sale or
other d i s p o s i t i o n of T r e a s u r y b i l l s shall not have a n y special
treatment, as such, u n der F e d e r a l T a x A c t s n o w .o r . h e r e a f t e r
enacted.
The "bills shall he subject to estate, inheritance, •
gift, or o t her excise taxes, w h e t h e r F e d e r a l ..or.....£ta±.e.-,. b.ut.. .
shall be exempt f r o m all t a x a t i o n n o w or h e r e a f t e r imposed
on the p r i n c i p a l or i n t e r e s t th e r e o f b y a n y State, or a n y of
the p o s s e s s i o n s of the U n i t e d States, or b y a n y local taxing
authority.
F o r p u r p o s e s of t a x a t i o n the a m o u n t of d i s c o u n t
at w h i c h T r e a s u r y b i l l s are o r i g i n a l l y sold b y the UnitedStates shall be c o n s i d e r e d to be interest.
U n d e r Sections
42 and 117(a)fl) of the In t e r n a l R e v e n u e Code, as amended by
S e c t i o n 115 of the R e v e n u e £ct of 1941, the amount of d i s
count at w h i c h b i lls i s s u e d h e r e u n d e r are sold shall not be
c o n s i d e r e d to accr u e until such b i l l s shall be sold, r e d e e m e d
or o t h e r w i s e d i s p o s e d of, and such b i l l s are excluded f r o m •
c o n s i d e r a t i o n as capital assets.
A c c o r d i n g l y , the owner of
T r e a s u r y b i lls (other than life i n s u r a n c e corfipanies) issued
h e r e u n d e r n e e d in c l u d e in his i n come tax r e t u r n o n l y the
d i f f e r e n c e b e t w e e n the p r i c e p a i d for such b i l l s , - w h e t h e r on
original issue or on subs e q u e n t p u r c h a s e ,•arid'the a m ount
a c t u a l l y r e c e i v e d eith e r u p o n sale or r e d e m p t i o n a t m a t u r i t y
during the taxable y e a r ' f o r w h i c h the r e t u r n is made, as o r d i
n a r y g a i n or loss.
,
3 '
■;K
••
:
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 41-8, as a m e n d e d , and *this
notice, p r e s c r i b e the terms of the T r e a s u r y bills' arid g o v e r n
the c o n d i t i o n s of their issue.
Copies of the c i r c u l a r m a y be
o b t a i n e d from, a n y F e d e r a l R e s e r v e B a n k or B r a nch. ••
''■■■■
'" • | ’■ .'-'V
■ |i Jt\?/ , .
ft
- 3 sold, redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the owner of.Treasury bills
(other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. Ul8, as amended, and this notice, pre
scribe the terms' of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
mms.
-
2
-
Immediately after the closing hour, tenders iii.ll be opened at the Federal
Reserve Banks and Branches, following which public announcement will be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for $200,000
or less from any one bidder at
accepted in full.
99.905> entered
on a fixed-price basis will be
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
January 23 % 19U7_____ •
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other excise taxes,
whether Federal or State, but shall be exempt from all taxation now or here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
U2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 115> of
the Revenue Act of 19Ulj the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
S
-
o
<
xm oc
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Tuesday, January lit, 19k7
The Secretary of the Treasury, by this public notice, invitee .tenders for
$1,300*000.000 3 or thereabouts, of
91
-day Treasury bills, to oe issued
—
w
—
~ m ~
on a discount basis under competitive and fixed-price bidding as hereinafter
provided.
January 23* 19k7_____? an<^
ISp
^hen the face amount Trill be payable with-
The bills of this series m i l be dated
will mature
April 2k, 19k7
>
m
out interest.
r
They Trill be issued in bearer form only, and in denominations
of $ 1 ,000, $ 5 ,000, $ 10 ,000, $ 100,000, $ 500,000, and $ 1 ,000,000 (maturity value).
Tenders trill be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Friday. January 17. 19k7 »
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $ 1 ,000, and the price offered must be
expressed on the basis of
Fractions may not be used.
100,
with not more than three decimals, e. g., 99.925«
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
TREASURY DEPARTMENT
Washington
F O R . R E L E A S E , M O R N I N G N E W S PAPERS,
Tue sday., J a n u a r y 14, 1947
Pre; is,Service
No. 3-204
The S e c r e t a r y of t he Treasury, by this public n o t i c e ,
i n v i t e s .tenders for $ 1 ,3 0 0 , 0 00,000, or thereabouts, of 9 1 -day
T r e a s u r y bills, to be i ssued on a d i s c o u n t b a sis under comp e t i t i v e and f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r p r o v i d e d ..The
b i l l s of t h i s . s e r i e s wi 11 be d a t e d J a n u a r y 2 3 , 1947, and wild
m a t u r e A p r i l 24, 1947, w h e n the face a m o u n t will he p a y a b l e
w i t h o u t interest.
T h e y will be iss
üüued in b e a r e r f o r m only,
a nd in d e n o m i n a t i o n s of $1,000.,
$5,000,
$ 10 ,000 ,
$10 0,000,
$ 5 0 0 , 0 0 0 and $ 1 , 0 0 0 , 0 0 0 ( m a t u r i t y value)
Tenders will; be received at Federal Reserve Banks and
Branches up to the closing hour, two o ’clock p.m., Eastern
Standard time, Friday, January 17, 1947.
Tenders will not be
received at the Treasury Department,. Washington.
Each tender
must be for an even multiple of $1,000,
and the price offered
must Jse expressed on the basis of 100, with not more than three
decimals, e
9 9 . 9 2 5 . ’. F r a c t i o n s m a y n o t be u:
used.
It- Is
u r g e,d that t.e n ders be m a d e on the p r i n t e d f o
orms
r m s and f o r w a r d e d
in the special e n v e l o p e s w h i c h will be supplied b v F e d e r a l
R e s e r v e B a n k s or B r a n c h e s on a p p l i c a t i o n therefor".
lenders will be r e c e i v e d w i t h o u t d e p o s i t f r o m i n c o r p o r a t e d
banks and- trust com p a n i e s -and f r o m r e s p o n s i b l e a nd r e c o g n i z e d
de a l e r s in I n v e s t m e n t securities.
T e n d e r s f r o m others m u s t be
a c c o m p a n i e d b y p a y m e n t of 2 p e r c e n t of the face amount of
T r e a s u r y b i l l s a p p l i e d for, unle s s the t e n d e r s are a c c o m p a n i e d
by an e x p r e s s g u a r a n t y of pa y m e n t b y an i n c o r p o r a t e d ’b a n k or
trust company,
,
j™ e d i a t e l y a f t e r the closing hour, t e n ders will be opened
at the F e d e r a l R e s e r v e B a n k s a nd B r a n c h e s , f o l l o w i n g w h i c h
public a n n o u n c e m e n t . w i l l be m a d e b y the S e c r e t a r y of the T r e a s
u r y of the amount and p r ice r a nge of a c c e p t e d bids.
Those
submitting t e n ders will be a d v i s e d of the a c c e p t a n c e o r r e i e c th^ri
* The S e c r e t a r y of the T r e a s u r y e x p r e s s l y r e s e r v e s
the r i g h t to a c c e p t or r e j e c t a n y or all tenders, in w h o l e nr
in part, and his a c t i o n - i n a n y such r e s p e c t shall be final.
Subject to these r e s e r v a t i o n s , tenders for $ 2 0 0 , 0 0 0 or less
fro m a n y one b i d d e r at 99.905 e n t e r e d on a f i x e d - p r i c e bas'is
wpl! be a c c e p t e d in full.
P a y m e n t of accepted tenders at the
p r ices o f f e r e d m u s t be m a d e or c o m p l e t e d at the F e d e r a l R e s e r v e
1947 in cash or other i m m e d i a t e l y a v a i l a b l e f u n d s on J a n u a r y 23,
-
2
-
The income d e r i v e d f r o m T r e a s u r y bills,, w h e t h e r int e r e s t
or g a i n f r o m the sale or other d i s p o s i t i o n of the* bills* shall
not have a n y exemption* as such* and loss f r o m -the sal 0 .or
o t h e r d i s p o s i t i o n of T r e a s u r y b i l l s shal 1—
.*.;have" a n y special
treatment* as such, u n der Federal. ^tax-Acbs n e w o r ' h e r e a f t e r
enacted.
T h e h i l l s shall be subject to estate* inheritance*
gift* or other excise taxes* w h e t h e r F e d e r a l .or State, but
shadl. be e x empt f r o m all t a x a t i o n n o w or h e r e a f t e r imposed, ,-^n
the p r i n c i p a l or i n t e r e s t th e r e o f b y a n y State* or a n y of the
p o s s e s s i o n s of the U n i t e d States* or b y a n y local taxing
authority.
For p u r p o s e s of t a x a t i o n the amount of discount,
at w h i c h T r e a s u r y b i l l s are o r i g i n a l l y sold b y the U n i t e d S t a t e s
shall be c o n s i d e r e d to be interest.
U n d e r S e c t i o n s 42 and
117(a)(1) of the I n t e r n a l R e v e n u e Code, as amended b y S e c t i o n
115 of the R e v e n u e Ac t of 1 9 4 1 > the a m ount of d i s c o u n t ^at
w h i c h b i l l s i s s u e d h e r e u n d e r are sold shall not be con s i d e r e d
to a c c r u e until such b i lls shall be sold* r e d e e m e d or o t h e r w i s e
d i s p o s e d of* and such b i l l s are e x c l u d e d f r o m c o n s i d e r a t i o n as"
capital assets.
A c c o r d i n g l y * the owner of T r e a s u r y bills
( o t h e r . t h a n life i n s u r a n c e companies) i s sued h e r e u n d e r need
i n c l u d e in hi s i n c o m e ’ t ax r e t u r n o n l y the d i f f e r e n c e b e t w e e n
the p r ice p a i d for such bills* w h e t h e r on original issue or
on. subs e q u e n t 'purchase'* and the amount a c t u a l l y received
eith e r u p o n sale or r e d e m p t i o n at m a t u r i t y d u r i n g the-.taxable'
yea r for w h i c h the r e t u r n is made, as o r d i n a r y g a i n .or loss.and
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 4l8* as a m e nded
this notice, p r e s c r i b e the terms of the T r e a s u r y bill s ano
g o v e r n the c o n d i t i o n s of their issue.
Copi e s of the c i r c u l a r
m a y be o b t a i n e d f r o m a n y F e d e r a l R e s e r v e B a n k or B r a ^ ch.
0O0
TmMSffict mnssMffl
Washington
Press Service
mms m m a b e $ mmxm imstxms,
tueaday. January 12a, 19k?*
JT - -Z.
_
S ^
Secretary of the treasury announced last evening that the tenders for
$1*300*000*000» cr thereabouts* of SOL^day Tre&srury hills to he dated January 16 aid to
satur* April 17* 19t$7* which sere offered on January %
5A?t ^«r® opened at the
Federal Reserve Ranks on January 13»
The details of this issue are as followsi
fetal applied for ♦ $1*791*169*000
- 1.3l5»$01*000
fetal accepted
Average price
(Include« $27*669*000 entered on fixed^prica
W a at 99.90S and aeoopted la full)
*, 99*90$/ E<juivalent rate of discount approx« 0*376^ per annum
Bangs of accepted ccspetitivc hides
99.907 S®aivale»t rate of
99.905
11
*
•
High
low
discount approx. G.36S£
*
*
0.376^
per annum
w
*
{72 percent of the amount bid for at the low price was accepted)
total
Federal Reserve
Dirtrict
total
Applied for
Boston
lew lark
JMaedslifcla
Cleveland
Rj#^paiyl
Atlanta
Chicago
St* Louie
Minneapolis
Kansas City
Leila*
San Francisco
|
it,085,000
1,31*2,579,000
16,855,000
2,575,000
12,260,000
2,700*000
30tt,525,000
13,630,000
21,015,000
lit,350,000
¡>,1*80,000
51,115,000
¡tg£ 39,355,000
11,791,169,000
*1 ,3iS,5ai,ooo
I 0U
1
jy
I
3,2kS,000
978.355.000
lk,o55,ooo
2.575.000
U,81t0,000
2.700.000
220.325.000
10 ,100,000
is , U S , 000
12,026,000
S ,200,000
TREASURY DEPARTMENT
'Washington
F OR RELEASE, M O R N I N G N E W S P A P E R S
Tuesday, J a n u a r y 14, 19^7
Press Service
S-205
Nq_.
The -Secretary of the T r e a s u r y ann o u n c e d *Last e v e ning
that the tenders f or $ 1 , 300 ,000 ,000 , or t hereabouts, of 9 1 - d a y
T r e a s u r y b i lls to be d a t e d J a n u a r y 16 and to m a t u r e A p r i l 17.
1947, w h i c h were o f f e r e d on J a n u a r y 10, 19^7, were opened at
the P'ederal R e s e r v e B a n k s on J a n u a r y 13;
The d e t a i l s
of this issue are as follows:
T o t a l a p p l i e d f or
Total accepted
- $1,791,169,000
- 1 , 3 1 b . 501.,000 (includes $ 2 7 , 6 6 9 , 0 0 0 entered
on f i x e d - p r i c e b a s i s at
99.905 and accepted In full)
A v e r a g e price - 99*90d -/~ Equiv. rate of d i s c o u n t approx. 0.376$
per a n n u m
R a n g e of a c c e p t e d c o m p e t i t i v e bids:
High
Low
(72
- 9 9 .907 Equiv.
- 9 9 .905
percent
rate of d i s c o u n t anprox.
"
I
,r
tT
0.368$ per a n n u m
0.376$
”
n
of thè amount bid f o r at the low p r i c e was accepted)
Federal Reserve
District
Boston
New Jork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, L o uis
Minneapolis
K a n s a s City
Dallas
San-;F r a n c i s c 0
TOTAL
Total
A p p l i e d for
$
4.085.000
1.3^2,579.000
16,855.000
2,575.000
1 2 ,260,000
2 ,700,000
304,525,000
1 3 .630,000
2 1 , 015.000
14,350,000
5,480,000
5 1 ,115 ,0 0 0
$ 1 ,7 9 1 ,169,000
0O0
Total
Accepted
$
3,2^5,000
9 7 8 , 355,000
14,055,000
2,575.000
11,840,000
2,700,000
220,325,000
10,410,000
1 5 ,^ 15,0 0 0
1 2 ,026,000
5 ,200,000
3 9 , 3 5 5 ,000
$ 1 ,3 1 5 ,50 1,0 0 0
1/10/47
TO:
Mr. Shaeffer
Following information on Eugene Swigart
given to Mr. Lynch by Mr. JIaxfield:
j,
ifcrO
OPA - was
General Counsel
Chief of the Legal Section of
the Rent Division
Graduated from Harvard Law School in 1929
u Princeton in 1926
Passed the Illinois bar
Prior to coming to Washington, D.C., was
associated with Montgomery, Hart,
Pritchard & Herriot, 120 S. LaSalle St.;;
Chicago 3, Illinois.
Mr, SwigartTs appointment is to be
effective Wednesday, January 15.
(Mr. Swigart cep. be reached on Republic 7500,
I
Ext. 71412)
v
—
c
# •-¡3$t
TREASURY DEBfL BTMENT
Washington, D. C.
Secretary Snyder today announced the appointment of Eugene Swi&drt of Chicago, 111., as a member of the Appeal Board, Office of ConjMHiB* tract Settlement, the functions of which were recently transferred to
the Treasury Department.
Mr. Swigprt, a native of Cincinnati, Ohio, graduated froip. Pr^fccet<aa
University in 1926, and from the Harvard Law School in
e passed the
Illinois Bar in 1930, and for a number of years was associated with the
law firm of Montgomery, Hart, Pritchard ans Herriot,in Chicago.
He comes
to the Treasury from the Office of Priwe Administration, where he served
as Associate General Counsel, and Chief of the Legal Section of the Rent
Division.
TREASURY DEPARTMENT
Washington
FO R I M M E D I A T E RELEASE,
W e d n e s d a y , J a n u a r y Ip,
19^7 »
Press Service
N o . S-206
S e c r e t a r y Snyder t o d a y a n n o u n c e d the a p p o i n t m e n t or
E u g e n e S w i gart of Chicago, Illinois, as a m e m b e r of the
A p p e a l Board, Office of Contr a c t Settlement, the f u n c t i o n s
of w h i c h w e r e r e c e n t l y t r a n s f e r r e d to the T r e a s u r y D e p a r t m e n t .
Mr. Swigart, a n a t i v e of Cincinnati, Ohio, g r a d u a t e d
from P r i n c e t o n U n i v e r s i t y in 1926, and f r o m the H a r v a r d L a w
School in 1929.
H e p a s s e d the I l l inois Bar in 1930, and for
a n u m b e r of y e a r s was a s s o c i a t e d w i t h the law f i r m of
M o n t g o m e r y , Hart, P r i t c h a r d and Herriot, in Chicago.
He comes
to the T r e a s u r y f r o m the O f f i c e of Price A d m i n i s t r a t i o n ,
w h e r e he s e rved as A s s o c i a t e G e n e r a l Counsel, and C h i e f of
the L e g a l Section') of the R e n t D i v i s i o n .
In W a s h i n g t o n ,
Wardman Park H o t e l .
Mr.
Swigart m a k e s his h o m e at the
p.
/(JUMj
^ 2 k -c/
E
•eretaiy
announced today the appointment of
Mr. Malachi L. Harney as^Chief Coordinator of Treasury Enforcement
Agencies, succeeding Mr. Elmer L. Irey, as Chief Coordinator and Mr. Frank J.
Wilson, as Acting Chief Coordinator, both outstanding law enforcement
officers of the Treasury Department who retired during the past year.
J^JThe new Chief Coordinator has been a law enfojpement officer in the
Treasury Department for 26 years and has been serving as Assistant to the
Commissioner of Narcotics since September 16, 1936.
Prior to that time
Mr. Harney was a Special Agent in the Intelligence Unit of the Bureau of
Internal Revenue.
H arney has always devoted his efforts entirely to enforcement
work and has had considerable success in this work due to his thorough
knowledge of investigative procedure.
He has been able to bring to justice
many notorious narcotic racketeers who have been engaged in the illicit
traffic^.
addition to his duties as Assistant to the Commissioner 6f
Narcotics, from Pearl Harbor Day, December 7, 1942, until May 15 , 1946,
Mr. Harney served as Assistant Coordinator and assisted with the building
up of the force of guards neeessaiy to protect the property of the
Japanese and Germans seized in this country, as well as with the many other
assignments which were given to the Chief Coordinator during the War.
^Mr. Harney was born in Duluth, Minnesota, and is 51 years of age.
Prior to his service in World War I as a second lieutenant in the Marine
Corps, he graduated from the University of Minnesota.
jtev. Harney is married and resides at 4325 Verplanck Place, N. W.
S
H
'V '
TREASURY DEPARTMENT
Washington
F O R RELEASE, M O R N I N G N EWSPAPERS,
Thursday, J a n u a r y 16, 1947*______
Press Service
No . S-2.07
S e c r e t a r y Snyder a n n o u n c e d t o d a y the a p p o i n t m e n t of
Mr. M a l a o h i L. H a r n e y . a s A c t i n g C h ief C o o r d i n a t o r of T r e a s u r y
E n f o r c e m e n t Agencies, s u c c e e d i n g Mr. E l m e r L. I r e y , as
Chief C oordinator, and Mr. F r a n k J. Wilson, as A c t i n g Chief
C oordinator, b o t h o u t s t a n d i n g law e n f o r c e m e n t o f f icers of
the T r e a s u r y D e p a r t m e n t who r e t i r e d d u r i n g the pas t year.
The n e w chief C o o r d i n a t o r has b e e n a law e n f o r c e m e n t
of f i c e r in the T r e a s u r y D e p a r t m e n t for 26 y e a r s and has
b e e n s e r v i n g as A s s i s t a n t to the C o m m i s s i o n e r of N a r c o t i c s
since S e p t e m b e r 16, 1 9 3 6 . P r ior to that time Mr. H a r n e y was
a S p e cial A g e n t in the I n t e l l i g e n c e Unit of the B u r e a u of
In t e r n a l R e v e n u e .
Mr. H a r n e y has always d e v o t e d his efforts e n t i r e l y to
e n f o r c e m e n t w o r k and has h ad c o n s i d e r a b l e success in this
w o r k due to his t h o r o u g h k n o w l e d g e of i n v e s t i g a t i v e p r o c e d u r e .
He has b e e n able to b r i n g to justice m a n y n o t o r i o u s n a r c o t i c
r a c k e t e e r s wh o hav e b e e n e n g a g e d in the i l l icit traffic.
In a d d i t i o n to his duti e s as A s s i s t a n t to the C o m m i s s i o n e r
of N a r c otics, f r o m P e a r l H a r b o r Day, D e c e m b e r 7> 1941, u n t i l
M a y 15, 1946, Mr, H a r n e y served as A s s i s t a n t C o o r d i n a t o r
and a s s i s t e d w i t h the b u i l d i n g up of the force of guards
n e c e s s a r y to p r o t e c t the p r o p e r t y of the J a p a n e s e and Germans
seized in this country, as w e l l as w i t h the m a n y other
a s s i g n m e n t s w h i c h w e r e g i v e n to the C h i e f C o o r d i n a t o r d u r i n g
the W a r .
Mr. H a r n e y was b o r n in Duluth, M i n n e s o t a , and is 51
y e a r s of age.
P r ior to his service In.CWorld W a r I as a
second l i e u t e n a n t in the M a r i n e Corps, he g r a d u a t e d f r o m
the U n i v e r s i t y of M i n n e s o t a .
Mr. H a r n e y is m a r r i e d and r e s i d e s
Place, N o r t h w e s t .
at 432 5 Y e r p l a n c k
For possible nominees for Government careers* looking
to eventual service in key staff and operating positions*
college deans are being M
to canvass their classes in
economies* finance* accounting* law* public administration
and other subjects peculiarly pertinent to treasury Department
needs*
Secretary Snyder said the program does not imply any
departure from established treasury policios of
promotton~fx«m*^tfoln* Persons else cot© into the treasury
....................
•
existing department personnel for promotion*
to administer ties program* Secretary Snyder named a
permanent committee on treasury recruitment policy* consisting
^of Assistant Secretary Foley* chairman; £»F* Bartelt*
fiscal Assistant Secretaryj J*J« 0fConnell* ir«* denega
Counsel; and W«W* Paxtons* Mmlntstrative Assistant to the
Secretary*
ÛM U ^
¡1
A long range recruiting program Intended to bring into
tbe Government service in years to come the best brains whloh
universities# business institutions and other promising sources
have to offer has been launched by the Treasury Department,
Secretary Snyder said today*
The program is the result of extensive studies of
recruitment policies and problems, made at Secretary Snyder*s
direction under the supervision of Assistant Secretary
S*H* Foley# Jri
Letters are now going out from Secretary
Snyder*s office to the heads of leading educational Institutions
throughout the country, outlining the plan and Inviting their
cooperation*
• While recruitment in the Treasury Department just now
will have to proceed at a slow pace because of budgetary
restrictions and personnel ceilings# I think it highly Important
that we be kept informed of outstanding young men who are
Interested in career positions in the Treasury Department,w
wrote the Secretary in a typical letter of the series* »1 would,
therefore# appreciate it if you would advise the Department
of the names of a few of your most promising students whom we
might oonsider as vacancies develop*11
TREASURY DEPARTMENT
Washington
FOR R E L EASE, M O R N I N G NEWS P A P E R S ,
Thursday,, „ J a n u a r y 1 6 , 19^7 •
Press S e r vice
No. S-208
A lon g r a nge r e c r u i t i n g p r o g r a m i n t e n d e d to b r i n g into
the G o v e r n m e n t service in y e ars tç> come the best b r a i n s -which
u niversities, b u s i n e s s i n s t i t u t i o n s a nd o t her p r o m i s i n g
sources h ave to offer has b e e n l a u n c h e d by the T r e a s u r y D e p a r t
ment, S e c r e t a r y Snyder said today.
The p r o g r a m is the r e s u l t of e x t e n s i v e studies of
r e c r u i t m e n t p o l i c i e s and problems, m a d e at S e c r e t a r y S n y d e r ’s
d i r e c t i o n u n der the s u p e r v i s i o n of A s s i s t a n t S e c r e t a r y
E. H. Foley, Jr.
L e t t e r s 'are n o w g o i n g out f rom S e c r e t a r y
S n y d e r ’s o f f i c e to the h e ads of l e a d i n g e d u c a t i o n a l i n s t i t u t i o n s
t hroughout the country, o u t l i n i n g the p l a n and i n v i t i n g their
cooperation.
" W hile r e c r u i t m e n t in the T r e a s u r y D e p a r t m e n t just n o w
will h ave to p r o c e e d at a slow pac e b e c a u s e of b u d g e t a r y
r e s t r i c t i o n s and p e r s o n n e l ceilings, I t h i n k it h i g h l y i m p o r t a n t
that we be kept in f o r m e d of o u t s t a n d i n g y o u n g m e n who are
i n t e r e s t e d in career p o s i t i o n s in "the T r e a s u r y D e p a r t m e n t , "
wrote the S e c r e t a r y in a ty p i c a l letter of the series.
"I would,
therefore, a p p r e c i a t e it if y o u w o u l d a d v i s e the D e p a r t m e n t
of the n a mes of a few of y o u r m o s t p r o m i s i n g s t u dents w h o m we
m i ght c o n sider as v a c a n c i e s develop."
F or p o s s i b l e n o m i n e e s for G o v e r n m e n t careers, l o o k i n g to
eve n t u a l service in key s t aff and o p e r a t i n g pos i t i o n s , college
deans are b e i n g a s k e d to canvass their classes in economics,
finance, accounting, law, p u b l i c a d m i n i s t r a t i o n and other
subjects p e c u l i a r l y p e r t i n e n t to T r e a s u r y D e p a r t m e n t n e e d s .
S e c r e t a r y Snyd e r said the p r o g r a m does not i m ply anyd e p a r t u r e f r o m e s t a b l i s h e d T r e a s u r y p o l i c i e s of p r o m o t i o n - f r o m within.
Pe r s o n s w ho come into the T r e a s u r y u n d e r the p r o g r a m ;
will be r e q u i r e d to take C i vil Service e x a m i n a t i o n s w h e r e
prescribed, and w i l l h a v e to c o m pete w i t h e x i s t i n g d e p a r t m e n t
personnel' for p r o m o t i o n ,
To a d m i n i s t e r the program, S e c r e t a r y S n y d e r n a m e d a
p e r m a n e n t com m i t t e e on T r e a s u r y r e c r u i t m e n t policy, c o n s i s t i n g
of A s s i s t a n t S e c r e t a r y Foley, chairman; E. F. Bartelt, F i s c a l
A s s i s t a n t Secretary; J. J. 0 'Conne‘ll, Jr., G e n e r a l Counsel;
and W, W. Parsons, A d m i n i s t r a t i v e A s s i s t a n t to the Sec r e t a r y .
0O0
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Press Service
Thursdayr January 16f 19A7_____
No. S-209
Secretary Snyder announced today the removal of Treasury Department
restrictions on the acquisition and importation of securities physically
located outside the United States which are issued by foreign governments
or foreign corporations and not payable in United States dollars.
As a result of today’s action, the Treasury Department regulations
with respect to the acquisition of securities not within the United States
and with regard to the importation of securities henceforth will apply,
in general, only to the acquisition and importation of transferable secu
rities issued prior to December 7, 1941,(i) by persons in the United
States and (ii) by any person if payable in United States dollars.
i
These changes were in the form of an amendment to General License
No. 87. At the same time General License No. 84-, which authorized the
importation of certain types of securities and currency, was revoked, since
its provisions have all been incorporated in the new amendment of General
License No. 87.
-ooGoO'
TREASURY DEPARTMENT
Washington
F OR RELEASE, M O R N I N G N E W S PAPERS,
Thursday, J a n u a r y 1 6 , 19^7.______
Press S e r v i c e
No. S-209
S e c r e t a r y Snyder a n n o u n c e d t o day the r e m o v a l of
T r e a s u r y D e p a r t m e n t r e s t r i c t i o n s on the a c q u i s i t i o n and i m
p o r t a t i o n of s e c u rities p h y s i c a l l y l o c a t e d ou t s i d e the U n i t e d
States w h i c h are i s s u e d by f o r e i g n g o v e r n m e n t s or f o r e i g n
c o r p o r a t i o n s and not p a y a b l e in U n i t e d States d o l l a r s ,
As a r e s u l t of t o d a y ’s action, the T r e a s u r y D e p a r t m e n t
r e g u l a t i o n s w i t h r e s p e c t to the a c q u i s i t i o n of secu r i t i e s
not w i t h i n the U n i t e d States and w i t h r e g a r d to the i m p o r t a
t ion of secu r i t i e s h e n c e f o r t h w i l l apply, in general, only
to the a c q u i s i t i o n and i m p o r t a t i o n of t r a n s f e r a b l e s e c u rities
I s sued p r i o r to D e c e m b e r 7, 19^1 (i) by p e r s o n s in the U n i t e d
States and (ii) by any p e r s o n If p a y a b l e In U n i t e d States
dollars.
T h e s e changes wer e in the f o r m of an a m e n d m e n t to
G e n e r a l L i c e n s e No. 8 7 . At the same time G e n e r a l L i c e n s e
No. S 2!, w h i c h a u t h o r i z e d the i m p o r t a t i o n of c e r t a i n types
of s e c u rities and currency, was revoked, since its p r o v i s i o n s
hav e all b e e n i n c o r p o r a t e d in the n e w a m e n d m e n t of G e n e r a l
L i c e n s e No. 8 7 .
0O 0
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Thursday, January 16, 1947
Press Service
Mo« S -210
Secretary Snyder announced today that Austria has been
added to the list of countries "whose blocked accounts may be re
leased under the certification procedure of General License No« 95*
This action was taken a Yter an exchange of letters between the
Austrian Minister of Finance Zunmermann and Secretary Snyder simi—
Tar to those written in connection with the defrosting of the
countries previously named in the license* Copies of the letter
are available at the Federal Reserve Bank of New York*
The Austrian Gove mine n 1 ’
National Bank as its certifying
-ooOoo-
’
*gnated the Austrian
TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R N I N G N E W S P A P E R S
Thursday, J a n u a r y 1 6 , 19^7»_____
Press
No,
S e r vice
S-210
S e c r e t a r y Snyder a n n o u n c e d t o day that A u s t r i a h as b e e n
added to the list of c o u n tries w h o s e b l o c k e d a c c o u n t s m a y
be r e l e a s e d u n d e r the c e r t i f i c a t i o n p r o c e d u r e of G e n e r a l
L i c e n s e No. 95.
This a c t i o n was t a k e n a f ter an e x c h a n g e of
letters b e t w e e n the A u s t r i a n M i n i s t e r of F i n a n c e Z i m m e r m a n n
and- S e c r e t a r y S n y d e r similar to those w r i t t e n in c o n n e c t i o n
w i t h the d e f r o s t i n g of the c o u n tries p r e v i o u s l y n a m e d in the
license.
Copies of the letter are a v a i l a b l e at the F e d e r a l
R e s e r v e B a n k of N e w Y o r k .
The A u s t r i a n G o v e r n m e n t has d e s i g n a t e d the A u s t r i a n
N a t i o n a l B a n k as its c e r t i f y i n g agent.
oOo
TREASURY DEPARTMENT
Washington
F O R RELEASE, M O R N I N G N E W S P A P E R S
Friday, J a n u a r y 1 7 , 1947________
D u r i n g the m o n t h of D e c e m b e r
in d i r e c t and g u a r a n t e e d
Press Service
No. S-211
19^6, m a r k e t
securities
of the G o v e r n m e n t for
T r e a s u r y i n v e s t m e n t and o t h e r .a c c o u n t s
3ales of $ 2 0 , 3 0 0 , 0 0 0 ,
transactions
resulted
in net
S e c r e t a r y S n yder a n n o u n c e d today.
0O0
TREASURT DEPARTMENT
Washington
Press Service
2- I *T_
FOR RELEASE, MQRNINO NEWSPAPERS,
Saturday, January 18« 19k7.
The Secretary of the Treasury announced last evening that the tenders for
>
/
V
$1,300,000,000, or thereabouts, of 91~<iay Treasury bills to be dated January S3 and to
nature April 2k> 19k?# which were offered on January lk# 19k?# ware opened at the Federal
Reserve Banka on January 1?«
The details of this issue are as followst
Total applied for * $l,7Qk#?$9,QOO ^
Total accepted
- 1,316,103,000 / (includes $23#39k#000 entered on a fixed-price
basis at 99*90$ and accepted in full)
Average price
- 99.90$/ Equivalent rate of discount approx* 0*376$ per annum
Range of accepted competitive bidsi
High
Low
- 99*90? Equivalent rate of discount approx. 0*368$ per annum
- 99*90$*
a 0*376$ ^ *
*
(76 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
Mew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louie
Minneapolis
Kansas City
Dallas
San Francisco
|
6,14*0,000'
1,351,981»,000'
11,100,000
2,1»75,00016,035,000 '
1,395,000 214»,14*5,ooo'
7,990,000790*000'
5,185,000'
7,620,000'
¡»9,300,000'
|
5,168,000
1,038,856,000
8,676,000
2.U75.000
13,083,000
1,395,000
136,8U5,ooo
6,U5U,000
790,000
U,56i,ooo
7,380,000
UO.U20.000
|1,70U,?59,000 /
#1,316,103,000 7
TOTAL
TREASURY DEPARTMENT
Washington
F OR RELEASE, M O R N I N G N E W S P A P E R S
Saturday, J a n u a r y 10, 1947
*
Press S e r vice
No, S-212
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last evening
that the te n d e r s f or $ 1 ,300 , 000 , 000 , or
thereabouts, of'91-day
T r e a s u r y ^ b i l l s to be d a t e d J a n u a r y 23 a nd to m a t u r e A p r i l 24,
1947, "which were o f f e r e d on J a n u a r y 14, 1947, were opened at
the F e d e r a l R e s e r v e B a n k s on J a n u a r y 1 7 .
The d e t a i l s
of this issue are as follows:
Total a p p l i e d f or * $ 1 , 7 0 4 , 7 5 9 , 0 0 0
a.otal a c c e p t e d
- 1 , 3 1 6 , 1 0 3 , 0 0 0 (in c l u d e s $ 2 3 , 3 9 4 , 0 0 0 entered
on a f i x e d - p r i c e T^&sis at
.
..
9 9 . 9 0 5 and a c c epted in full)
A v e r a g e p r ice
- 9 9 -905 -rf- E q u i v . r a t e ^ o f di s c o u n t aoorox.
0.376 fo per a n n u m
R a n g e of a c c e p t e d c o m p e t i t i v e bids:
H i g h - 9 9 .907 Equiv.
L ow
- 99.9 0 5
"
(76 p e r cent
rate
"
of d i s c o u n t approx.
"
V
"
of the a m o u n t bid
F e deral R e s e r v e
District
Boston
New York
Philadelphia
Cle v e l a n d
Ri c h m o n d
At l a n t a
Chicago
S t . Louis
Minneapolis
Kansas Cit y
Dallas
San F r a n c i s c o
TOTAL
0.368$ o e r a n n u m
0.376$
M
’M
for at the lo w orice was accented)
Total
A p p l i e d for
$
6,440,000
1,351,984,000
1 1 ,100,000
2.475.000
16.035.000
1.395.000
244,445,000
7.990.000
Total
A c c e p t ed
$
5 ,168,000
1 ,038 ,836,000
8 . 676.000
2.475.000
13.083.000
1.395.000
186 ,815,000
5.185.000
7.620.000
49.300.000
6.454.000
790,000
4.561.000
7.380.000
40.420.000
$1,704*759,000
$1,316,103,000
790,000
0O0
is able to evade its proper snare of
tne tax burden necessary to meet
these expenditures, the deficiency
must be made up by other taxpayers.
Effective administration and
enforcement of our tax laws, with the
I
achievement of maximum revenues 'poss ib le I
>
'
.. '-.' , •' ' •>.?.■■
under them, w iI I hasten the day when
I
a reduction in tax rates, benefiting
I
proportionateI y all our citizens,
properly can be given considérât ion.
Kp|
- 36 compilation of data in their returns.
Observance of the Federal tax laws is
an obligation and privilege of
citizenship not to be taken lightly.
®e a II have a stake in the
,
efficient collection of all taxes
properly oue the Government.
As an
aftermath of the war, we are faced
with relatively burdensome Government
expenditures for some years to come,
even after utmost economy.
To the
extent that one citizen or one business
35 who apparently felt they were fairly
safe In their evasions.
It are now entering the filing
period for returns covering 1946
income.
You bankers will have many
occasions to give assistance and
advice to your customers and friends.
You can do them, and the country,
a service by impressing upon them the
seriousness of the obligation to pay
taxes to their Government, and the
pfj jj
H | . •■
necessity for careful, scrupulous
The Treasury's drive to stamp
out evasion of taxes has spread
beyond the scope of our original
concern with the black marketeer and
the war profiteer.
1 regret that a
minority in some of the professions,
and among small business men have been
tempted to follow the example of the
black marketeers.
Aith our additional
personnel for investigati on, we are
calling to task these delinquents
of the miodle and lower income groups
a smaI I business partnership, and
wno had accumulated a safety deposit
box full of $50 and $100 bills from
unreported sales.
Checks converted into cash by
a taxpayer before his death led to
disclosure of a $100,000 understatement
of his estate after his decease.
Dozens and dozens of similar
instances of the value of information
on currency transactions could be
reported.
Report of a huge third party
check cashed and taken out in currency
put us on the trail of an ostensible
sma I I bus iness roan who had taken a
highly successfuI f Iyer in the stock
roarKet, but had not reported such
*
income..
In another district, a currency
*
-#
■report paved the way for assessment
against a wealthy physician of
^120,000 in evaded taxes ano penalties,
and $40,000 against a couple operating
other expensive merchandise sold
to collectors at enormous profit.
His tax returns had shown only
nominal returns.
A black market operator who was
pocketing his over-ceiling payments
without reporting them for income
became concerned over the feet that
large currency transactions had been
revealed to the Government by the
banks.
He came
in to us, made a
I
complete disclosure, and paid up in
full, with penaIty.
- 30 a considerable number will prove
productive of substantial additional
taxes.
in one of our midwestern
collection districts, three cases
developed from the currency reports
produced an average of $200,000 each
in additional taxes and fraud
penalties.
One of these taxpayers
operated behind a front as a "door to
door * salesman, but was found to be
dealing extensively in antiques and
withdrawals of currency from a bank
started an inquiry which revealed
a large unreported income from real
estate investments of a midwestern
taxpayer.
This individual had been
reporting only his salary for tax
purposes.
Our Revenue people here in
Pittsburgh report that they have
handled some 200 of these cases in
the past year, with indications that
conviction of a bigtime liquor
black market operator, who brew an
eight-year prison sentence.
In the
history of the Intelligence Unit,
this sentence is second in severi
to that handed ài Capone.
to col
ex
more than a million
dollars in additional taxes and
Ities in this case.
1 report of I
r e c on v ic t e a .
i nv e s t i g i t
The
"e? s
affa r s
of
i s company o r i g i n a t e d
o f l arge c u r r e n c y
have
« ith re o o rts
deposits.
rso»
in p r o c e s s o f c o I l e c t i on.
claims
for
penalties
additional
in t h i s c a s e
civil
taxes
in e x c e s s
£6,000,00Q.
,000 n e w s p a p e r » r a p p e d
e of
"confetti."
a southeastern
delivered
barm, f i g u r e d
to
in the
26
a most substantial factor in the
success of our efforts, both to
collect taxes due and to develop
further respect for the tax laws.
You may be interested in some
specific cases in which the currency
reports have played a prominent
part.
Outstanding is one
involving a prominent New York
restaurant chain operator, now
under a 4-year prison sentence for
tax evasion.
Two associates also
- 25 investîgatî ons, ana the secrecy
surrounding the» prior to actual
court action, you may have wondered
Si
just how effective they were.
/
b
he Bureau of Internal Revenue
has just completed a survey of its
field offices to determine the
extent of the contribution made by
these TCR-I reports to the collection
of revenues due the Government.
w
I can report to you today that
your cooperation has, in fact, been
H
in the Secretary, called upon the
banks ana other money handling
!||
|
V
'
'
§ |jj|
|
agencies to report, through the
Federal Reserve, the circumstances
of all currency transactions of an
unusual nature, either as to amount
or as to denomination.
Many of you bankers of Pittsburgh
have undoubtedly had these reports
pass across your desks.
Due to the
length of time required for tax
and particularly currency in large
denominations so favored for a time
by the Black Market,
have(tojcome
originally from the banks and ultimate I
find their way back to the banks.
it was in awareness of this
fact that the Treasury, in May of
1945, under authority vested by law
22
tax drive, considerable attention
was given to evidence that tax
evasion and attendant black market
operations were being facilitated
by large-scale currency transacti ons.
The theory of the offenders was that
money passed under the table left
no telltale record for Treasury
agents to unearth.
But they miscalculated.
Regardless of the devious routes it
may travel, large sums of currency,
adjustments rather than evidence of
outright evasion.
Nevertheless, the
greater part stems directly from
our tax enforcement drive.
Many
millions of dollars have been paid
in voluntarily.
It has been a
worthwhile operation for the Government.
We estimate that for every dollar
expended in our enforcement effort,
we have a return of more than
In 1945 when the Department
began to develop its strategy for the
20
Federal courts is demonstrating that
cheating on Federal taxes does not pay*
During the year and a half in
which our drive has been on an
effective basis* additional assessments
of taxes and penalties, over and
above original returns of the
taxpayers involved, have substantially
exceeded $2 biI Iion.
staggering sum.
This is a
A part of this total
undoubtedly represents technical
j
The funds and the personnel needed
were made available.
The recruitment
and training of our new investigative
personneI naturally made for some
delay before the effectiveness of
the drive could be demonstrated
conclusively.
But, I can report to
you today that we are breaking all
records in the recovery of additional
revenues from would-be tax evaders.
A steady procession of cases into the
geographical areas, the temptation
to "keep it all" has been too great
for some individuals.
When the extent of such tax
evasion, particularly on the part
of wartime black market operators an
the like, began to be apparent early
in 1945, the President and the
Congress were quick to support the
ambitious protection campaign
proposed by the Treasury Department.
17
-
the taxing authority of the Government,
for history tells us that when that
autnority breaks down, the sovereignty
of Government itself is threatened.
The vast majority of our
citizens are honest and scrupulous
in their tax dealings with the
Government.
Yet, as a result of the
high tax rates prevailing in recent
years and the extraoro inary war
income levels in many lines and
-
16-
invaluable assistance.
Among the paramount and vital
respons îb iIi t ies of the Treasury are
the preservation of the integrity
of our currency, the maintenance of
sound Government credit, and the
protection of the investments of
our citizens in Government obligations.
Closely related to these
objectives is maintenance of respect for
have put «any a vicious criminal
behind the bars.
The Intelligence Unit currently
is spearheading the Internal Revenue
Bureau’s drive against those who
have sought to evade their share of
the Federal taxes levied to support
our Government.
This is a field of Treasury law
enforcement in which the banks of
the nation have given, and are givin
14
In the course of years. Congress
has added to Treasury enforcement
duties the functions represented by
the United States Secret Service, the
Intelligence and Alcohol Tax Units of
the Bureau of Internal Revenue, and
the Bureau of Narcotics.
Those who would defraud their
Government generally hold other
laws in contempt, and so, in enforcing
the laws over which they have
jurisdicti on, the Treasury officers
13 The United States Coast Guard,
the nation’s first navy, originally
known as the Revenue Cutter Service,
followed Customs in its organization
in 1790.
Today, after having done a
fighting job as a part of the Navy
during the war, Coast Guard again is
a Treasury agency, enforcing
Federal law in our coastal waters, and
extending its protective facilities
to world navigation and commerce.
- i2 enforcement business since 1789.
it
was then the Customs Service was
organ ized as a source of revenue for
the Federal Government.
Very soon the
Treasury found that in the exercise
of that responsibiiity, it had to act
to suppress smuggling.
busy along this line.
We are still
With the
increase in world trade and travel,
Customs will have an even larger
task in insuring the collection of
proper duties on imported merchandise.
instruments had to be traced back
through one or several banks.
There are surprisingly few
persons, who in associating the
Treasury primarily with its fiscal
responsibiIities, are aware of the
extent to which the Department is
engaged in law enforcement work.
It may be interesting to you to
consider just briefly the scope of
this important division.
The Treasury has been in the
involved, the investigative and
bookkeeping procedure required in
connection with each questioned item
is time-consuming and makes serious
demands on manpower.
You will see the importance
of tnis problem from the fact that
during the last fiscal year, the
Secret Service received for
investigation nearly 30,000 checks
and some 12,000 bonds.
In nearly
every one of these cases, the forged
-
s
-
Government bonas to protect them
carefully against theft and to keep
records of their holdings.
We warn
that positive ident if icat ion should
be required from all persons
presenting Government obligations for
payment.
The success of the Treasury's
program in this field is of utmost
importance to banks.
Even when no
direct loss to the institution is
Anything that you bankers can
do to impress continually upon your
own employees, and upon your
customers, the necessity of careful
handling of Government obligations
will be of great help to us.
We ask the recipients of
Government checks to take every
precaution for the safety of these
checks.
We request the holders of
-
?
-
resulted in the reduction of losses
through counterfeits to purely
nominal proportions.
It was not
too long ago that such losses to the
public exceeded a million dollars
U n f o r t u n a t e I y , however,
t h e f t and f o r g e r y
the
of Government bonds
and checks remains a serious problem
to
t he T r e a s u r y D e p a r t m e n t .
f
fi
00 1 fi
1%M
o f
combati ng the th eft and forgery
Governme nt checKS and bonds.
The ba rmc*rs of the n at ion have.
for years, p 1 i:yeo a cruc ia 1 role
in the iieas ur c
ì s
ts.Ken by the Treasury
t*0 protect th<? integ r it y of our
coins,
carefuI
currency
train in g
t h e manner
enuc a
ionai
and bo no s .
given
in w h i c h
The
your c a s h i e r s ,
you e x t e n d e d our
p r o g r a m among y o u r
customers has
l ong
i n v e s t i gat ive
ill
wi t h
of
our
t he
agents,
of the Foreign Funds Control has
been outstanding.
The active support
you have rendered to the activities
of our law enforcement agencies has
been most effective.
I wish the
people of this country would realize
how notable a contribution you have
made.
T
his is particularly true of
the cooperation you extended to the
United States Secret Service in its
job of suppressing counterfeiting, --
t
that in the future, we shall
have to call upon you for similar
assistance for the redemption, upon
maturity, of the terminal
leave
bonos of our service men.
There are fields of Treasury
activities other than financing in
which the banks have lent, and still
are lending valuable aid.
Your
assistance in the administrati on of
the licensing and .reporting provisions
,
■-
-
3 -
'
r*
-‘v|/
; : y :$
* S M
The banks have not ceased, with
the ending of hostilities, to give
us support in this field.
Throughout
the country, they have taken the
lead in our campaign to bring to
the attention of industry the
importance of a continuing payroll
savings program.
•iff ;■IP ' ;
Êf$ÈÊ0S
In addition, the banks have
rendered a great service in the
redemption of savings bonds.
I
'WÊ
se rv ic e s barkers continue
to p e r
& ‘
i n our
behalf.
i have had o c c a s i o n
r e c e n t months,
as g ue st o f
American B a n n e rs*
Chicago,
t he
Association
in
and a t t h e B o s t o n r e d e r a
deserve StocnhoIders*
extend
during
heartiest
banning
industry
service
performed
financing
Meeting,
to
c o m m e n d a t i o n to
for
the g r e a t
in our
programs,
wartime
particularI y
t he o r o m o t i o n o f our v a r i o u s
war
An
Address' 1
n AdaressN
i
Prepared 1«
\
Throughout the recent critical
years, the Treasury Department has
called upon the banking fraternity
for support and assistance on roan^
occasions, and in many different
capacities.
I welcome the opportunity
of appearing before the -**«**wi6jr
o
f Pittsburgh to express through
you my own personal appreciation, and
that of the Department, for the services
bankers have rendered, and for the
m
(The following address by Secretary Snyder before a dinner
meeting of the Bankers* Club of Pittsburgh, at the Duquesne
Club, Pittsburgh, Pennsylvania, is scheduled for delivery
at
P.M. ,/g/S.T.,Friday, January 24,1947, and is for
release at that time •)
1
TREASURY DEPARTMENT
Washington
(The f o l l o w i n g address by S e c r e t a r y Snyder b e f o r e
a d i n n e r m e e t i n g of the B a n k e r s 1 Clu b of Pittsburgh,
at the D u q u e s n e Club, Pittsburgh, Penns y l v a n i a , is
s c h e d u l e d for d e l i v e r y at 8 :0 0 P . M ., E iS .T .,F r i d a y ,
J a n u a r y 24, 1 9 ^ 7 / and is for r e l e a s e at that time») *
T h i o u g h o u t the r e c e n t c r i t i c a l years, the T r e a s u r y D e p a r t
ment has c a l l e d u p o n the b a n k i n g f r a t e r n i t y for support and
assistance on m a n y occasions, and in m a n y d i f f e r e n t capa c i t i e s
I welcome the o p p o r t u n i t y of a p p e a r i n g b e f o r e the Bankers'
Club o f ^ P i t t s b u r g h to express t h r o u g h y o u m y o w n p e r s o n a l a p
preciation, and that of the D e p a r t m e n t , for the services b a n kers
have rendered, and for the services b a n k e r s co n t i n u e to p e r f o r m
in our behalf.
I
h a v e had o c c a s i o n d u r i n g r e c e n t months, as guest of the
A m e r i c a n Bankers' A s s o c i a t i o n in Chicago, and at the B o s t o n
Federal R e s e r v e Stockholders' Meeting, to e x t e n d h e a r t i e s t
c o m m e n d a t i o n to the b a n k i n g i n d u s t r y for the great service
performed in our w a r t i m e f i n a n c i n g programs, p a r t i c u l a r l y in the
p r o m otion of our v a r i o u s war l oan drives.
The b a nks h a v e not ceased, w i t h the e n d i n g of h o s t i l i t i e s
to give us support in this field.
T h r o u g h o u t the country, they
have t a k e n the lead in our c a m p a i g n to b r i n g to the a t t e n t i o n
of in d u s t r y the i m p o r t a n c e of a c o n t i n u i n g p a y r o l l savings
program.
&
In addition, the banks have r e n d e r e d a great s e rvice i n the
r e d e m p t i o n of savings bonds.
I expect, that in the future, we
shall have to call u p o n y o u for s i m ilar a s s i s t a n c e for the
redemption, u p o n m a t u rity, of the t e r m i n a l leave b o nds of our
service men.
,
There are fields of T r e a s u r y a c t i v i t i e s other t h a n f i n a n c i n g
in w h i c h ^ t h e banks hav e lent, and still are l e n d i n g v a l u a b l e aid.
Tour a s s i s t a n c e in the a d m i n i s t r a t i o n of the l i c e n s i n g a n d
sporting p r o v i s i o n s of the F o r e i g n F u n d s C o n t r o l has b e e n o u t
standing.
The a c t i v e support y o u have r e n d e r e d to the a c t i v i t i e s
ot our law e n f o r c e m e n t a g e n c i e s has b e e n m o s t e f f e ctive. I w i s h
the people of t h i s . c o u n t r y w o u l d r e a l i z e h o w n o t a b l e a c o n t r i
bution y o u h ave m a d e .
is p a r t i c u l a r l y true of the c o o p e r a t i o n y o u e x t e n d e d
Zo tP;e U n i t e d States Secret S e rvice in its job of s u p p r e s s i n g
counterfeiting, -- and c o m b a t i n g the theft and f o r g e r y of
Government checks and bonds.
S -213
2
The b a n k e r s of the n a t i o n have, for years, p l a y e d a crucial
role in the m e a s u r e s t a k e n by the T r e a s u r y to p r o t e c t the i n
tegrity of our coins, cu r r e n c y and bonds.
The c a r eful t r a i n i n g
given you r cashiers, the m a n n e r in w h i c h y o u e x t e n d e d our
educational p r o g r a m a m o n g you r cus t o m e r s ha s
a l o n g w i t h the
i n vestigative skili of our agents, r e s u l t e d in the r e d u c t i o n of
losses t h r o u g h c o u n t e r f e i t s to p u r e l y n o m i n a l p r o p o r t i o n s .
It
was not- too lon g ago that such losses to the p u b l i c e x c e e d e d a
m i l lion do l l a r s a year.
U n f o r t u n a t e l y , however, the theft and f o r g e r y of G o v e r n m e n t
bonds and checks re m a i n s a serious p r o b l e m to the T r e a s u r y
Department *
A n y t h i n g that y o u b a n k e r s can do to impress c o n t i n u a l l y
upon you r ow n employees, and u p o n y o u r customers, the n e c e s s i t y
of careful h a n d l i n g of G o v e r n m e n t o b l i g a t i o n s w i l l be of great
help to u s .
W e a s k the r e c i p i e n t s of- Go v e r n m e n t checks to take every
pre c a u t i o n for the s a fety of these checks.
W e r e q u e s t the
holders of G o v e r n m e n t b o nds to p r o t e c t t h e m c a r e f u l l y a g a inst
theft and to kee p r e c o r d s of their h o l d i n g s . W e w a r n that
positive i d e n t i f i c a t i o n should be r e q u i r e d f r o m all p e r s o n s
p resenting G o v e r n m e n t o b l i g a t i o n s for pa y m e n t ,
The success of the T r e a s u r y ’s p r o g r a m in this field is of
utmost i m p o r t a n c e to banks.
E v e n w h e n no d i r e c t loss to the
Institution Is Involved, the i n v e s t i g a t i v e and b o o k k e e p i n g
procedure r e q u i r e d in c o n n e c t i o n w i t h e a c h q u e s t i o n e d I t e m is
t i m e - c onsuming and m a k e s serious de m a n d s on m a n p o w e r *
I-.;
h
Y o u ^ w i l l see the i m p o r t a n c e of this p r o b l e m f r o m the fact
that d u r i n g the last f i s c a l year, the Secret S e rvice r e c e i v e d
for i n v e s t i g a t i o n n e a r l y 30,000 checks and some 12,000 bonds.
In n e a r l y e v e r y one of these cases, the f o r g e d I n s t r u m e n t s had
to be traced b a c k t h r o u g h one or several b a n k s .
There are s u r p r i s i n g l y f ew persons, who in a s s o c i a t i n g the
Treasury p r i m a r i l y w i t h its f i scal r e s p o n s i b i l i t i e s , are aware
of the extent to w h i c h the D e p a r t m e n t Is e n g a g e d In law e n f o r c e
ment work.
It m a y b ^ i n t e r e s t i n g to y o u to co n s i d e r just b r i e f l y
the scope of this imp o r t a n t d i v i sion.
0
The T r e a s u r y has b e e n in the e n f o r c e m e n t b u s i n e s s since
^
> It was t h e n the Customs S e r vice was o r g a n i z e d as a source of revenue for the F e d e r a l G o v e r n m e n t . V e r y soon the T r e a s u r y
found that in the e x e r c i s e of that r e s p o n s i b i l i t y , it h ad to act
to suppress smuggling.
W e are still b u s y a l o n g this line.
With
the increase in w o r l d trade and travel, Cu s t o m s w i l l h a v e an
even larger t a s k In i n s u r i n g the c o l l e c t i o n of p r o p e r d u ties on
imported m e r c h a n d i s e .
The U n i t e d States Coast Gu&x»d, the n a t i o n ' s first navy,
o r i g i n a l l y k n o w n as the R e v e n u e Cutter Service, f o l l o w e d Customs
in its o r g a n i z a t i o n in 1790.
Today, a f ter h a v i n g don e a fightjob as a p art of the N a v y d u r i n g the w a r , Coast G u a r d a g a i n
is a T r e a s u r y agency, e n f o r c i n g F e d e r a l law in our c o a stal
waters, and e x t e n d i n g its p r o t e c t i v e f a c i l i t i e s to w o r l d n a v i
g a tion and c o m m e r c e .
In the course of'years, C o n gress has a d d e d to T r e a s u r y
e n f o r cement d u ties the fun c t i o n s r e p r e s e n t e d by the U n i t e d
States Secret Service, the I n t e l l i g e n c e and A l c o h o l T a x Units
of the B u r e a u of In t e r n a l Revenue, and the B u r e a u of N a r c o t i c s .
Those who w o u l d d e f r a u d their G o v e r n m e n t g e n e r a l l y h o l d
other laws in contempt, and so, in e n f o r c i n g the laws over w h i c h
they h a v e jurisdiction, the T r e a s u r y of f i c e r s h ave put m a n y a
vicious c r i m i n a l b e h i n d the b a r s .
The I n t e l l i g e n c e U n i t c u r r e n t l y is s p e a r h e a d i n g the
Internal R e v e n u e B u r e a u ' s drive ag a i n s t those who hav e sought
to evade their share of the F e d e r a l taxes levi e d to support our
Government.
This is a f i eld of T r e a s u r y law e n f o r c e m e n t in w h i c h the
banks of the n a t i o n hav e given, and are giving, i n v a l u a b l e
assistance.
A m o n g the p a r a m o u n t and v i t a l r e s p o n s i b i l i t i e s of the
T r e a s u r y are the p r e s e r v a t i o n of the i n t e g r i t y of our currency,
the m a i n t e n a n c e of sound G o v e r n m e n t credit, and the p r o t e c t i o n
of the i n v e s t m e n t s of our citizens in G o v e r n m e n t o b l i g a t i o n s .
C l o s e l y r e l a t e d to these o b j e c t i v e s is m a i n t e n a n c e of
respect for the t a x i n g a u t h o r i t y of the G o v e r nment, for h i s t o r y
tells us that w h e n that a u t h o r i t y b r e a k s down, the s o v e r e i g n t y of
Gove r n m e n t i t s e l f is threatened.
The vast m a j o r i t y of our c i t izens are h o n e s t and s c r u p u l o u s
in their tax d e a l i n g s w i t h the G o v e r n m e n t .
Yet, as a r e s u l t of
the h i g h tax r a tes p r e v a i l i n g in r e c e n t y e a r s and the e x t r a o r d i
nary w ar i n come levels in m a n y lines and g e o g r a p h i c a l areas, the
t e m p t a t i o n to " k eep it all" has b e e n too great for some i n d i v i
duals „
W h e n the extent of such tax evasion, p a r t i c u l a r l y o n the
part of w a r t i m e b l a c k m a r k e t o p e r a t o r s a nd the like; b e g a n to
be app a r e n t e a rly in 19^5, the P r e s i d e n t and the C o n g r e s s were
quick to S u p p o r t the a m b i t i o u s p r o t e c t i o n c a m p a i g n p r o p o s e d by
the T r e a s u r y D e p a r t m e n t .
The funds and the p e r s o n n e l n e e d e d
were m a d e available. .The r e c r u i t m e n t a nd t r a ining of our n e w
investigative p e r s o n n e l n a t u r a l l y m a d e for some d e l a y b e f o r e
the e f f e c t i v e n e s s of the drive could be d e m o n s t r a t e d c o n c l u
sively.
But I can report to y o u t o d a y that we are br e a k i n g
all records in the r e c o v e r y of a d d i t i o n a l r e v e n u e s f r o m
would-be tax evaders.
A s t eady p r o c e s s i o n of cases into the
Federal courts is d e m o n s t r a t i n g that c h e ating on F e d e r a l taxes
does not pay.
D u r i n g the y e a r and a hal f in w h i c h our drive has b e e n on
an effective basis, a d d i t i o n a l a s s e s s m e n t s of taxes and p e n a l ties, over a n d a b ove o r i ginal r e t u r n s of the t a x p a y e r s involved,
have s u b s t a n t i a l l y e x c e e d e d $2 billion.
This is a stag g e r i n g
sum,
A part of this total u n d o u b t e d l y r e p r e s e n t s technical
adjustments r a t h e r than e v i d e n c e of o u t r i g h t evasion.
Never
theless, the g r e a t e r part stems d i r e c t l y f r o m our tax e n f o r c e
ment drive.
M a n y m i l l i o n s of d o l l a r s have bee n paid in v o l u n
tarily.
It has b e e n a w o r t h w h i l e o p e r a t i o n for the Gove r n m e n t .
We estimate that f or eyery d o l l a r e x p e n d e d in our e n f o r c e m e n t
effort, we hav e a r e t u r n of m o r e t h a n . $ 2 0 .
In 19^5 w hen the D e p a r t m e n t b e g a n to d e v e l o p its s t r a t e g y
for the
t ax drive, c o n s i d e r a b l e a t t e n t i o n was g i v e n to e v i d e n c e
that tax e v a s i o n and a t t e n d a n t b l a c k m a r k e t o p e r a t i o n s w ere b e
ing f a c i l i t a t e d b y l a r g e - s c a l e c u r r e n c y transactions.
The
theory of the o f f e n d e r s was that m o n e y passed under the table
left no t e l ltale r e c o r d for T r e a s u r y agen t s to unearth.
B u t they m i s c a l c u l a t e d .
R e g a r d l e s s of the d e v ious rout e s
it m a y travel, large sums of currency, - and p a r t i c u l a r l y c u r
rency in large d e n o m i n a t i o n s so f a v o r e d f or a time b y the B l a c k
Market, - hav e to come o r i g i n a l l y f r o m the b a n k s and u l t i m a t e l y
find their w a y b a c k to the banks.
It was In a w a r e n e s s of this fact- that the Treasury, in M a y
of 1 9 ^ 5 j u n der a u t h o r i t y v e s t e d b y law in the Secretary, called
upon the b a nks a n d other m o n e y h a n d l i n g a g e n c i e s to report,
through the F e d e r a l Reserve, the c i r c u m s t a n c e s of all c u r r e n c y
transactions of an u n u sual nature, eith e r as to a m ount or as tp
denomination.
M a n y of y o u b a n k e r s of P i t t s b u r g h have u n d o u b t e d l y had
these r e p orts pass a c r o s s y o u r desks.
Due to the l e n g t h p f
time r e q u i r e d for tax i n v e s t i g a t i o n s , and the s e c r e c y s u r r o u n d
ing them prior to a c t u a l court action, y o u m a y have w o n d e r e d
just how e f f e c t i v e the y were.
The B u r e a u of Internal R e v e n u e has Just completed a ’survey
of its f i e l d offices to d e t e r m i n e the extent of the c o n t r i b u t i o n
made by these TCR-1 r e p o r t s to the c o l l e c t i o n of re v e n u e s due
the G ove rnment.
I
can r e port to y o u t o d a y that y o u r c o o p e r a t i o n has, in
fact, b e e n a m o s t s ubstantial f a c t o r In the success of our e f
forts, b o t h to collect taxes due a nd to d e v e l o p f u r t h e r r e s pect
for the tax laws.
Y o u m a y be i n t e r e s t e d In some specific cases in, w h i c h the
currency r e p orts have p l a y e d a p r o m i n e n t part.
O u t s t a n d i n g is
one I n v olving a p r o m i n e n t N e w Y o r k r e s t a u r a n t chain operator,
now under a 4-ye a r p r i s o n sentence for
tax evasion.
Two- a s s o c i
ates also wer e convicted.
The T r e a s u r y f 3 i n v e s t i g a t i o n of the
affairs of this c o m p a n y o r i g i n a t e d w i t h r e p o r t s of large c u r r e n c y
deposits.
We n o w have in p r o c e s s of collection, civil claims for
additional taxes and n e n a l t i e s in this case in excess of
$ 6 ,000,000 .
f
A $ 2 0 0 , 0 0 0 n e w s p a p e r w r a p p e d pa c k a g e of " c o n f e t t i ” , d e l i v
ered to a s o u t h w e s t e r n bank, f i g u r e d in the c o n v i c t i o n of a
bigtime liquor b l a c k m a r k e t operator, wh o d r e w an e i g h t - y e a r
prison sentence.
In the h i s t o r y of the I n t e l l i g e n c e Unit, this
sentence is second in s e v e r i t y to that h a n d e d A1 Capone.
We
expect to collect m o r e than a m i l l i o n d o l lars In a d d i t i o n a l taxes
and p e n a l t i e s in this case.
A TCR-1 repo r t of large w i t h d r a w a l s of c u r r e n c y f rom a b a n k
started an i n q u i r y w h i c h r e v e a l e d a large u n r e p o r t e d income f r o m
real estate I n v e s t m e n t s of a m i d w e s t e r n taxpayer.
This i n d i v i d
ual had b e e n r e p o r t i n g onl y his sala r y for tax purposes.
Our R e v e n u e p e o p l e h e r e In P i t t s b u r g h report that they have
handled some 200 of these cases in the past year, w i t h i n d i c a
tions that a c o n s i d e r a b l e n u m b e r will prove p r o d u c t i v e of s u b
stantial a d d i t i o n a l taxes.
In one of our m i d w e s t e r n c o l l e c t i o n districts, three cases
developed f r o m the c u r r e n c y r e p o r t s p r o d u c e d an a v e r a g e of
$ 2 0 0 , 0 0 0 veach in
a d d i t i o n a l taxes' and f r a u d penalties.
One of
these t a x p a y e r s o p e r a t e d b e h i n d a front as a " d o o r - t o - d o o r "
salesman, but was f o u n d to be d e a l i n g e x t e n s i v e l y In an t i q u e s
and other e x p e n s i v e m e r c h a n d i s e sold to c o l l e c t o r s at e n o rmous
profit.
His tax r e t u r n s had shown only n o m i n a l returns.
A b l a c k m a r k e t o p e r a t o r who
was pocketing, his o v e r - c e i l i n g
payments w i t h o u t r e p o r t i n g them for inco m e b e c a m e concerned over
the fact that large c u r r e n c y t r a n s a c t i o n s had b e e n revealed to
the G o v e r n m e n t by the banks.
He came in to us, m a d e a c o m plete
disclosure, a nd paid up in full, w i t h penalty.
6
Repo r t
in currency
man who h ad
but had not
of a huge third p a r t y c h eck cash e d and t a ken out
put us on the trail of a n ;o s t e n s i b l e small b u s i n e s s
t a ken a h i g h l y successful f l y e r in the stock market,
r e p o r t e d such income.
In a n o t h e r district, a c u r r e n c y report p a v e d the w a y for
assessment a g a i n s t a w e a l t h y p h y s i c i a n of $ 120,000 in evaded
taxes and p e n a lties, a n d $ 4 0 , 0 0 0 a g a i n s t a couple o p e r ating
a small b u s i n e s s p a r t nership, an d w h o . h a d a c c u m u l a t e d a safety
deposit b o x full of $50 and $100 b i l l s f r o m u n r e p o r t e d sales.
C h e c k s c o n v e r t e d i n t o cas h b y a t a x p a y e r b e f o r e his d e a t h
led to d i s c l o s u r e of a $1 0 0 , 0 0 0 u n d e r s t a t e m e n t of his estate
after his decease.
Doze n s and d o zens of s i m ilar i n s t a n c e s of the value
i nformation on c u r r e n c y t r a n s a c t i o n s could be r e p o r t e d .
The T r e a s u r y ' s d r ive to stamp nut e v a s i o n nf taxes has
spread b e y o n d the scope of our original c o n c e r n w i t h the b l a c k
m a r k e t e e r and the war profiteer,
I r e gret that a m i n o r i t y in
ind among small b u s i n e s s m e n h a v e b e e n
some of the prcfe
.ons
tempted to f o l l o w the e x a m p l e of the b l a c k m a r k e t e e r s .
With
our a d d i t i o n a l p e r s o n n e l for inv e s t i g a t i o n , we are calling to
task these d e l i n q u e n t s of the m i d d l e and l o w e r income g r o u p s who
a p p a rently felt t h e y were f a i r l y safe in their evasions.
We are n o w ent e r i n g the fili n g p e r i o d for r e t u r n s covering
1946 income.
Y o u b a n k e r s will have m a n y o c c a sions to g ive
assistance a n d advi c e to y our cus t o m e r s and friends-.
Y o u can
and. the c o u n t r y , a ser vice b y impre ssi:
u p o n them the
.ess of the oblig ati on 4~o pa y taxes t o t;heir G o v e r n m e n t ,
QQ
TLty for
O_
and the nece O
e are:fu
- ser upulous c omp
0 F e d e r aal
O b s e r vvan-ce
in their ret
returns.
ance 0
of
the
l ta.
tax laws is an
urn s.
f th
on anh p r i v i l e g e of c 1 -Hizen ship no t| to
Lon ■-"'f all
all hav e a stake in t he off icient C 0lie
taxes p r o p e r l y due the G o v e r n m e n t .
As an a f t e r m a t h of the war,
we are f a c e d w i t h r e l a t i v e l y b u r d e n s o m e G o v e r n m e n t e x p e n d i t u r e s
for some y e a r s to come, even a f ter utmost economy.
To the e x
tent that one c i t i z e n or one b u s i n e s s - i s a b l e to evade its
proper share of the tax b u r d e n n e c e s s a r y to m e e t these' e x p e n d i
tures, the d e f i c i e n c y m u s t be m a d e up b y other taxpayers.
E f f e c t i v e a d m i n i s t r a t i o n and e n f o r c e m e n t of our tax laws
with the a c h i e v e m e n t of m a x i m u m r e v e n u e s p o s s i b l e u n der them,
will h a s t e n the d a y w h e n a r e d u c t i o n in tax rates, b e n e f i t i n g
p r o p o r t i o n a t e l y all our citizens, p r o p e r l y can be g i v e n
consideration.
o 0o
DIVISION OF PUBLIC RELATIONS
SJÙUJ
\
DXixo'~Œr'T30TTCio'"Ü’CTT'1
FE ( ) Financial Editors
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TREASURY DEPARTMENT
Washington
FOR "RELEASE, MORNING NEWSPAPERS,
Monday, January 20, 19k7•
_______
Press Service
No, S-23 4
Secretary of the Treasury Snyder today announced the offering, through the
Federal Reserve Banks, of 7/8 percent Treasury Certificates of Indebtedness of
Series B—19l}-8, open on an exchange basis, par for par, to holders of Treasury
Certificates of Indebtedness of Series B-19U7, in the amount of $ij, 95>3,989,000,
which will mature on February 1, 19U?. Since it is planned to retire about
$1 ,000,000,000 of the maturing certificates on cash redemption, subscriptions
will be received subject to allotment to all holders on an equal percentage basis,
except that subscriptions in amounts up to $25,000 will be allotted in full.
Cash subscriptions will not be received.
The certificates now offered will be dated February 1, 19h7> and will bear
interest from that date at the rate of seven~eighths of one percent per annum,
payable with the principal at maturity on February 1, 19U8. They will be issued
in bearer form only, in denominations of $ 1 ,000, $ 5 ,000, $ 10 ,000, $ 100,000 and
$1 ,000,000.
Pursuant to the provisions of the Public Debt Act of 19Ul, interest upon the
certificates now offered shall not have any exemption, as such, under Federal ,tax
Acts now or hereafter enacted. The full provisions relating to taxability are set
forth in the official circular released today.
/
Subscriptions "»Jill be received at the. Federal Reserve Banks and Branches,
and at the Treasury Department, Washington, and should be accompanied by a like
face amount of the maturing certificates.
The subscription books will close at the close of business Wednesday,
January 22, except for the receipt of subscriptions from holders of $-25,000 or
less of the maturing certificates. The subscription books will close for the
receipt of subscriptions of the latter class at the close of business Thursday,
January 23.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the
Treasury Department, and placed in the mail before midnight of the respective
closing days, will be considered as having been entered before the close of the
subscription books.
The text of the official circular follows:
UNITED STATES OF AMERICA
7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES B-19U8
Dated and bearing interest from February 1, 19l7
I9I4.7
Department Circular No. 800
____
.,
Due February 1, 19U8
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, January 20, 19U7.
Fiscal Service
Bureau of the Public Debt
I.
OFFERING OF CERTIFICATES
1. The Secretary of the Treasury, pursuant to the_authority of the Second
Liberty Bond Act, as amended, invites subscriptions, at par, from the people, of
the United States, for certificates of indebtedness of the United States, desig
nated 7/8 percent Treasury Certificates of Indebtedness of Series B-19U8, in ex
change for Treasury Certificates of Indebtedness of Series B-19H7, maturing
February 1, 19l7. Approximately $1,000,000,000 of the maturing certificates will
be retired on cash redemption.
II.
DESCRIPTION OF CERTIFICATES
1. The certificates will be dated February 1, 19U7, and will bear interest
from that date at the rate of 7/8 percent per annum, payable with the principal at
maturity on February 1, 1918. They will not be subject t,o call for redemption pbior
to maturity.
2. The income derived from the certificates shall be subject to all Federal
taxes, now or hereafter imposed. The certificates shall be subject to estate,
inheritance, gift or other excise taxes, whether Federal or State, but shall be
exempt from all taxation now or hereafter imposed on the principal or interest
thereof by any State, or any of the possessions of the United States, or by any
local taxing authority.
3. The certificates will be acceptable to secure deposits of public moneys.
They will not be acceptable in payment of taxes.
!;. Bearer certificates will be issued in denominations of $1,000, $5,000,
$10,000, $100,000 and $1,000,000. The certificates will not be issued in regis
tered form.
5. The certificates will be subject to the general regulations of the
Treasury Department, new or hereafter prescribed, governing United States cer
tificates.
III. SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and Branches
aad at the Treasury Department, Washington. Banking institutions generally may
-
2
-
submit subscriptions for account of customers, but only the Federal Reserve Banks
and the Treasury Department are authorized to act as official agencies.
2. The Secretary of the Treasury reserves the right to reject any subscrip
tion, in whole or in part, to allot less than the amount of certificates applied
for, and to close the books as to any or all subscriptions at any time without
notice; and any action he may take in these respects shall be final. Subject to
these reservations, subscriptions for amounts up to and including $ 25*000 will be
allotted in full, and subscriptions for amounts over $ 25*000 will be allotted to
all holders on an equal percentage basis, but not less than $25*000 on any one
subscription. The basis of the allotment will be publicly announced, and allot
ment notices will be sent out promptly upon allotment.
IV.
PAYMENT
1. Payment at par for certificates allotted hereunder must be made on or
before February 1, 19U7, or on later allotment, and may be made only in Treasury
Certificates of Indebtedness of Series B-19U7* maturing February 1, 19U7* which
will be accepted at par, and should accompany the subscription.
V.
GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are author
ized and requested to receive subscriptions, to make allotments on the basis and
up to the amounts indicated by the Secretary of the Treasury to the Federal Re
serve Banks of the respective Districts, to issue allotment notices, to receive
payment for certificates allotted, to make delivery of certificates on full—paid
subscriptions allotted, and they may issue interim receipts pending delivery of
the definitive certificates.
2. The Secretary of the Treasury may at any time, or from time to time,prescribe supplemental or amendatory rules and regulations governing the offering,
which will b e 'communicated promptly to the Federal Reserve Banks.
JOHN m SNYDER*
Secretary of the Treasury.
FOR IMMEDIATE RELEASE
January 20, 19U7>
The Bureau of Customs announced today that preliminary
data indicate that the quota of 90,000,000 pounds of white or
Irish certified seed potatoes was approximately 87 per cent
filled as of January 10, 19hl*
Importers are required to
deposit estimated duties at the full tariff rate on all entries
for consumption of certified seed potatoes during the period
January 20 through September 1U, 19U7> pending determination of
the quota status of such importations *
TREASURY DEPARTMENT
Washington
FOR I M M E D I A T E R E L E A S E
Monday, January. 20,, 1^4?
Press S e rvice
No , S-215
The B u r e a u of Customs a n n o u n c e d t o day that p r e l i m i n a r y
data ind i c a t e that the q u o t a of
90 * 000,000
p o unds
or Irish c e r t i f i e d seed p o t a t o e s vas a p p r o x i m a t e l y
filled as of J a n u a r y 10,
19^7.
Importers
of -white
87
percent
are r e q u i r e d to
deposit e s t i m a t e d duties at the full t a r i f f r ate on all entries
for c o n s u m p t i o n of c e r t i f i e d seed p o t a t o e s d u r i n g the p e r i o d
January 20 t h r o u g h S e p t e m b e r
Ik, 19^7, p e n d i n g d e t e r m i n a t i o n
of the q u o t a status of such i m portations*
0O 0
aleha
- 3 -
sold, redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. Ul8, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
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2
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Immediately after the closing hour, tenders Trill be opened at the Federal
Reserve Banks and Branches, following which- public announcement will be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for $200,000
or less from any one bidder at
accepted in full.
99.905> entered
on a fixed-price basis will be
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
January 50, 19^7______ .
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other excise taxes,
whether Federal or State, but shall be exempt from all taxation now or here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
!|2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 115> of
the Revenue Act of 19Ulj the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, January 2^, 19^7
__ _*
¿¡fcà
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1.700.COO.000
*
) or thereabouts, of
91
-day Treasury bills, to be issued
on a discount basis under competitive and fixed-price bidding as hereinafter
provided.
The bills of this series will
ill be dated
19^7
January 30» 19^7_____
> and
hen the face amount will be payable without interest.
They m i l be issued in bearer form only, and in denominations
Tenders m i l be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday, January 27. 19U7 »
Ï 5T
Tenders will not be received at the Treasury Department, Washington. Each
tender must be for an-even multiple of .'ll,000, and the price offered must be
expressed on the basis of
Fractions may not be used.
100,
with not more than three decimals, e. g., 99.925
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
TREASURY DEPARTMENT
- ~v-':W a shing t on
F OR RELEASE, M O R N I N G N E W S P APERS,
Friday, J a n u a r y 24,„-1947
.- .
Press Service
No. 3-2.16
The S e c r e t a r y of the Treasury, b y this public notice,
invites tenders f or $ 1 , 3 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of 9 1 -day
T r e a s u r y bills, to be i s s u e d on a di s c o u n t b a sis under c o m
pet i t i v e a nd f i x e d - p r i c e b i d ding as h e r e i n a f t e r p r o v i d e d . The
M i l s of this Series will be d a ted J a n u a r y 3 0 / 1947, and will
m a t u r e M a y 1 , 1947? w h e n the face, a m ount ■will be p a y a b l e w i t h ‘out interest.
T h e y will be issu e d in b e a r e r f o r m only, and
in d e n o m i n a t i o n s of $ 1 , 000, $ 5 , 000, . $ 1 0 , 000 , $ 100,000
$500,000, and $1^,000,000 ( m a t u r i t y value) .
T e n d e r s will be r e c e i v e d at F e d e r a l R e s e r v e B a n k s and
B r a n c h e s up to the closing hour, two o ’c l o c k p.m., E a s t e r n
Standard time, Monday, J a n u a r y 27? 1947,
Tenders will not
be r e c e i v e d at the T r e a s u r y D e p a r t m e n t , *Washington,
Eachtender must-* l§e for an even m u l t i p l e of $ 1 ,000 , and the price
offered m u s t be e x p r e s s e d on the, basis of 100 , w i t h not m o r e
than three decimals, e.g., 99*925.
F r a c t i o n s m a y n ot be used.
It is u r g e d that tenders be m a d e on the pr i n t e d forms and for..warded
in the special e n v e l o p e s w h i c h will be supplied b y
F e d e r a l •R e s e r v e B a n k s or B r a n c h e s on a p p l i c a t i o n therefor.
T e n ders will be r e c e i v e d wi t h o u t de p o s i t f r o m i n c o r p o r a t e d
banks and trust c o m p a n i e s and f r o m r e s p o n s i b l e and r e c o gnized
dealers in i n v e s t m e n t securities.
T e n d e r s from, others m u s t
he a c c o m p a n i e d b y pa y m e n t of 2 p e r cent of the face amount. of
T r e a s u r y b i lls a p p l i e d for, unless- the t e n ders are a c c o m p a n i e d
by an e x p r e s s g u a r a n t y of p a y m e n t b y an i n c o r p o r a t e d b a n k or
trust company.
I m m e d i a t e l y a f t e r the c l o sing hour, tenders will be opened
at the F e d e r a l R e s e r v e B a n k s and Br a n c h e s , f o l l o w i n g w h i c h
public a n n o u n c e m e n t will be m a d e b y the S e c r e t a r y of the
T r e a s u r y of the amou n t and price range of accep t e d bids. 'Those
submitting t e n ders will be a d v i s e d of the a c c e p t a n c e or r e j e c
tion t h e r e o f . The S e c r e t a r y of the T r e a s u r y e x p r e s s l y r e s erves
the r i ght to a c cept or r e ject a n y or all tenders, in w h o l e or
in part, and his a c t i o n in a n y such r e s p e c t shall be final.
Subject to these r e s e r v a t i o n s , tenders for $ 200 , 000 'or l,ess
fnom a n y one b i d d e r at 99-905 e n t e r e d on a f i x e d - p r i c e basis
will be a c c e p t e d in full..
P a y m e n t of accepted tenders at the
prices o f f e r e d m u s t be m a d e or completed at the F e d e r a l R e s e r v e
Bank in c ash or other i m m e d i a t e l y a v a i l a b l e funds on J a n u a r y 30,
1947.
2
The income d e r i v e d f r o m T r e a s u r y bills,, w h e t h e r interest
or g a i n f r o m the sale or other d i s p o s i t i o n of the bills., shall not have any exemption, as such, a nd l o s s . f r o m the
sale or other d i s p o s i t i o n of T r e a s u r y b i lls shall/not have
a ny special treatment, as such,
"Tax A d t s n ow
or h e r e a f t e r enacted.
The b i l l s ^ s h al.l^^be subject to estate,
i nheritance, gift, or other e x c i s e ^axes^' whtother--rFederal or
State,- but shall be exem p t f r o m all t a x a t i o n n o w or h e r e a f t e r
i m p o s e d on the p r i n c i p a l or in t e r e s t th e r e o f b y a n y State, or
a n y of the p o s s e s s i o n s of the U n i t e d ..States,: or b y a n y local
taxing authority.
F o r p u r p o s e s of t a x a t i o n the amou n t of d i s
count .at- w h i c h T r e a s u r y b i l l s are o r i g i n a l l y sold by the
U n i t e d States shall be c o n s i d e r e d to be interest. ■'Under S e c
tions K2 a n d 117(a)(1) of the In t e r n a l R e v e n u e Code, as *
a m e n d e d b y S e c t i o n 115 of the R e v e n u e Act of 1 9 ^ 1 / the-amount
of di s c o u n t at w h i c h b i l l s i s s u e d h e r e u n d e r are sold shall
not be c o n s i d e r e d to accr u e until such b i lls shall be Sold,^
r e d e e m e d or o t h e rwise d i s p o s e d of, and such b i l l s afe,;e-x— *•
e l u d e d f r o m c o n s i d e r a t i o n as capital, assets.
Accordingly, the owner of T r e a s u r y b i l l s (other than life ins u r a n c e c o m
panies) i s s u e d h e r e u n d e r need include in his income tax R e
turn only the d i f f e r e n c e b e t w e e n the price paid
such '
bills, w h e t h e r on o r i ginal issue or on subsequent purchase,
a n d the a m o u n t a c t u a l l y r e c e i v e d either u p o n sale or r e d e m p
tion at m a t u r i t y d u ring the taxable y e a r for w h i c h the return
is made, as o r d i n a r y g a i n or loss.
'•
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 4l8, as amended:, and this
notice, -prescribe the terms of the T r e a s u r y b i lls and g o v e r n
the c o n d i t i o n s of their issue.
Copies of the circular, m a y be
obt a i n e d f r o m a n y F e d e r a l D e s e r v e B a n k or Branch.
oOo
t mmm
Washington
Pres© Service
m m u r s , release,
Monday, Jsunary 27, l?fa7<
for
<'j*The Treasury today announced the subscription figures and the basis of
allotment for the offering of 7/8 percent Treasury Certificates of Indebtedm s s of Series B~19h8 in exchange for Certificates of Indebtedness of Series
B-19U7, maturing February 1, 19U7, in the amount of $14,953,989,000.
[ Report© received from the federal Reserve Banks show that subscriptions
aggregate $ 4.,801,000,000.
Subscriptions in amounts up to and including
$25,000, totaling about $46,000,000, were allotted in full.
Subscriptions
In amounts over $25,000 were allotted 82 percent on a straight percentage
basis, but not less than $25,000 to any one subscriber, with adjustments,
where necessary, to the next highest $1,000.
Cpetails as to subscriptions and allotments will be announced when final
immrne»
reports ars received from the Federal Reserve Banks.
TREASURY DEPARTMENT
Washington
FOR I M M E D I A T E RELEASE,
Monday, J a n u a r y 2 7 , 1 9 4 7 .
Press S e rvice
No. S-217
The T r e a s u r y today a n n o u n c e d the
and the basis
of a l l o t m e n t
Treasury Certificates
m a t u r i n g F e b r u a r y 1,
for the o f f e r i n g of
of I n d e b t e d n e s s
exchange for C e r t i f i c a t e s
1947,
s u b s c r i p t i o n figures
7/8
percent
of Series B - 1 9 4 8 in
of I n d e b t e d n e s s
of Series B-1947,
in the a m o u n t of $ 4 , 9 5 3 , 9 8 9 , 0 0 0 ,
R e p o r t s r e c e i v e d fro m the F e d e r a l R e s e r v e B a n k s
that s u b s c r i p t i o n s
aggregate $4,801,000,000.
show
Subscriptions
in a m o unts up to and I n c l u d i n g $ 2 5 , 0 0 0 , t o t a l i n g about
$46,000,000,
were a l l o t t e d in full.
over $ 25,000 were a l l o t t e d
basis,
but not
adjustments,
Details
82
percent
Subscriptions' in amounts
on a straight p e r c e n t a g e
less tha n $ 25,000 to any one
w h e r e necessary,
with
to the next h i g h e s t $¡1 ,000 .
as to su b s c r i p t i o n s
announced w h e n final re p o r t s
subscriber,
and a l l o t m e n t s w i l l be
are r e c e i v e d 'from the F e d e r a l
Reserve B a nks
0O0
-
2
-
the matter, which the Secretary indicated he was very happy to accord
him*
”1 have no doubt,” said Secretary Snyder, ”either that the
material comprising the^Diary*is, in major part, at least, public
i/
property, or that Mr. Morgenthau will so view the matter on reflection*
©
0
0
Today Secretary Snyder, taking cognizance of recent
newspaper articles in connection with the matter, stated that he had
asked Henry Morgenthau, J f . to return to the Treasury Department the
material commonly referred to as the "Diary" which Mr. Morgenthau
had compiled over his period of service as Secretary of the Treasury.
The Secretary indicated that his attention had first been
called to the existence of this material by press accounts of
several weeks ago in which appeared what purported to be excerpts
from the "Diary".
The Secretary said that upon inquiry he had been
informed that the Diary included the only copies of the transcripts
of a great many offical telephone conversations ?md of countless
official conferences held in Mr. Morgenthau*s office over the years
he served as Secretary of the Treasury.
On being advised that the "Diary" was in fact a record of
public business and as such uublic property, he then indicated to
to
M
Mr. Morgenthau his belief that the Diary should be returned to the
Treasury.
Mr. Morgenthau then stated that before he left the Treasury
Department his instructions were that all original letters and other
M
i\
similar papers should be remcv ed from the Diary, and that it had
been his impression that the transcripts of official meetings and
»1
M
telephone coversations, as well as the other material in the Diary,
were not Government property. He asked for a little time to go into
TREASURY DEPARTMENT
W a s h i n g toil
FOR IMMEDIATE R E L E A S E ,
M o n d a y , J a n u a r y 27, 19^7
Press Service
No. S-218
T o d a y S e c r e t a r y S n y d e r , taking c o g n i z a n c e of recent
n e w s p a p e r ar t i c l e s in c o n n e c t i o n w i t h the matter, stated
that he had a s k e d H e n r y M o r g e n t h a u , Jr., to r e t u r n to the
T r e a s u r y D e p a r t m e n t the m a t e r i a l c o m m o n l y referred to as
the "Diary" w h i c h Mr. M o r g e n t h a u h a d compiled over his
p e r i o d of service as S e c r e t a r y of the Treasury.
T he S e c r e t a r y i n d i c a t e d that his a t t e n t i o n had first
bee n c a lled to the e x i s t e n c e of this m a t e r i a l b y press
a c c o u n t s of several weeks ago In w h i c h ap p e a r e d what p u r
p o r t e d to be e x c e r p t s f r o m the " D i a r y " . The S e c r e t a r y
said that upo n i n q u i r y he h ad b e e n informed that the
Diary
i n c l u d e d the onl y copies, of the t r a n s c r i p t s of a
g r e a t m a n y official tel e p h o n e c o n v e r s a t i o n s and of c o u n t
less o f f icial c o n f e r e n c e s h eld in Mr. M o r g e n t h a u ' s office
over the y e a r s he served as S e c r e t a r y of the Treasury.
On b e i n g a d v i s e d that the "Diary" was in fact a record
of public b u s i n e s s and as such publ i c property, he then
i n d i c a t e d to Mr. M o r g e n t h a u his b e l i e f " that the "Diary"
should be r e t u r n e d to the Treasury.
Mr. M o r g e n t h a u then stated that
b e f o r e he left the
T r e a s u r y D e p a r t m e n t his i n s t r u c t i o n s w e r e that all o r i g
inal letters an d other similar p a p e r s should be removed
f rom the "Diary", and .that it had b e e n his i m p r e s s i o n
that the t r a n s c r i p t s of official m e e t i n g s a n d ^ t e l e p h o n e
c o nversations, as well as the o t her m a t e r i a l in the
'Diary" were not G o v e r n m e n t property.
He asked for a
little time to go Into the m a t ter, w h i c h the S e c r e t a r y
I n d i c a t e d he was v e r y h a p p y to a c c o r d him.
"I have no doubt," said S e c r e t a r y Snyder, "either
that the m a t e r i a l comp r i s i n g the 'Diary1' is, in m a j o r
part, at least, public property, or that Mr. M o r g e n t h a u
will so v i e w the m a t t e r on r e f l e c t i o n . "
TREASURT DEPARXHEHT
Washington
FOB RSUSASE, K M » HESSPAPERS,
Tuesday, January 28t X9U7.
!*•»« Swrrts^ í|
The Secretary of the Treasury announced last evening that the tenders for
11,300,000,000, or thereabouts, of 91-day Treasury bills to be dated January 30 and to
nature May 1, 191*7» which were offered on January 21*, 191*7» were opened at the federal
Heserve Banks on January 27*
The details of this issue are ae followss
Total applied for
Total accepted
Average price
11,786,670,000
1,311,650,000
(includes $21*,812,000 entered on a fixed-price
basis at 99*90$ and accepted in full)
99.90$/ Equivalent rate of discount approx. 0.3765 per annm
Range of accepted competitive bids
High
Low
- 99.906 Equivalent rate of discount approx. 0.3725 per annua
8
m m
m
m
0.3765 *
M
m 99.905
(72 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Tot*L ^
Accepted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
$
*
6.805.000
1*3.175.000
2 ,31*5,000
972.700.000
9.900.000
25,o55,ooo
5,61*5,000
- 750,000
216 216.000
1 8 20 U,000
2.715.000
18,91*8,000
6.357 .0 0 0
32,815,00g
$1,786,670,000
$ 1 ,3 1 1 ,6 5 0 ,0 0 0
3 ,185,000
1,333,296,000
13 ,260,000
33.1*55,000
6 ,065,000
750,000
293,832,000
21,,1*20,000
3.275.000
20 ,15 2 ,0 0 0
to m
.,
TREASURY DEPARTMENT
Washington
Press Service
No • s -219 '
F OR RELEASE, M O R N I N G N E W S P APERS,
Tuesday, J a n u a r y 28, 1947_______
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e ning
that the tenders for $ 1 , 300 , 000 , 000, or thereabouts, of 9 1 -0ay
T r e a s u r y bills to be d a t e d J a n u a r y 30 and to m a t u r e M a y 1, 1947,
w h ich wer e o f f e r e d on J a n u a r y 24, 1947, w e r e opened at the
F e d eral R e s e r v e B a n k s on J a n u a r y 27.
The details
Total a p p l i e d for
Total a c c e p t e d
A v e r a g e price
R a nge
Hi&h
Low
of tills issue are as follows:
- $ 1 ,786 ,670,000
1 , 3 1 1 , 6 3 0 , 0 0 0 (includes $ 2 4 , 8 1 2 , 0 0 0 en t e r e d
on a f i x e d - p r i c e basi shat
9 9 -905 and a c c epted in full)
9 9 . 9 0 5 * ^ E q u i v a l e n t rate of di s c o u n t
a p p r o x . 0.376$ per a n n u m
of a c c e p t e d c o m p e t i t i v e bids:
- 9 9 . 9 0 6 Equiv.
- 99.905
"
(72 pe r c e n t
rate of d i s c o u n t approx.
"
"
”
M
of the a’m o u n t
b i d for at the low price was accepted)
Federal R e s erve
District
Boston
New Y o r k
Philadelphia
Cleveland
Ri c h m o n d
A t l anta
Chicago
St. L o uis
Minneapolis
Kansas C i t y
5 a l 1 as
San F r a n c i s c o
T o tal
A p p l i ed for
3, 185,000
1,338, 296,000
, 13, 260,000
33, 4 5 5 , 0 0 0
6, 065,000
• .
'
j Total
A c c eptée
24, 4 2 0,000
•Oè ,275,600
20, 152,000
l6, 805,000
il7} 175,000
■J ,
. 2,34fLö00
972,700,000
9 ,900,000
25,0^5,000
5,645,00®
'750,000
2 1 6 ,2 1 6 ,C O O
18,204.000
2,715,000
18,948,000
6 , 357,000
32,815,000
$1 ,786,670,000
$ 1 , 311 ,650,000
$
750,000
293, 832,000
T O TAL
0.372$ per a n n u m
0.376$
”
4
*» 2 9 #«
and to ask those railroads which have
abandoned it to reinstate it*
We do not ask that the payroll
savings plan should be a venture in
»needling", or that any employee should
be asked to join the plan or to
-,'il,.. f t , . i : ■S S s P i ",¡t.-«' ■
'--
4 'H
'S ' ' '
continue on it, expept willingly and
in his own self-interest.
But we do
believe that the railroad industry —
For you, the payroll savings
plan is an even better value than for
industry generally»
It eosts you
less and gives you mors»
I should like, therefore, on
p -$
behalf of Secretary Snyder, to ask
those railroads —
the great majority
of the industry **«* which now have the
payroll savings plan to continue it;
with this problem to a much smaller
extent than most employers, and so are
able to get a better payroll savings
job done for less money»
In addition,
you get more value out of the plan
than do most employers, because your
employees stay with you long enough
for both you and them to realize its
long-term advantages*
2© ♦
This low turnover reduces the cost
of maintaining the payroll savings
plan, on the one hand* and makes it
more effective* on the other*
Labor turnover is the greatest
enemy of the payroll savings plan
as each change of job requires a new
decision to rejoin the plan on the part
of the employee»
You are confronted
with
¿ 5
But, perhaps of wore irawedlate
significance to you, Is the fact that
there is probably no industry in the
United States which is in a position
to get better value for every dollar
expended on the payroll savings plan
than is the railroad industry#
This is because of your
traditionally low labor turnover.
This
the public interest and are sc much
a matter of public record that any
move made by the railroad industry Is
bound to have repercussions extendog
far beyond its point of origin.
For
*
this reason, we are especially anxious
that the railroad industry maintain
its present good record on the payroll
covings plan.
payroll savings plan for the same
reason that they play a similar, role
In other social and community
activities*
Your Industry is so large
and Is composed of such large companies
it
:
tiTvSfr _ I
the service which you render is so
vital to your communities and so
enriched with tradition* and your
operations are so deeply affected with
**
dd
**
plan in all types of industry?
• \
• ...
'
-- .
'
V
*
•
:
■■
■
”
' ' •;
•'
It
■'
*
^ \
-V
;
remains for me to tell you why I
believe that the railroads play a key
X
•
-fc'-
y
" •
role in the payroll savings plan,
and why I believe that retaining the
plan is even more to your advantage
than it is to that of industry
generally*
-
Railroads play a key role in the
payroll
actively Interested in the financial
and other affairs of the Government,
and in the preservation of the
integrity of our insti tut lolls*
This is a large order, but our
success in filling it will be very
important in shaping the social history
of the next generation*
You and all
other employers can do a great deal to
Sf 19 ■»
possible throughout the country to own
significant amounts of United States
securities#
It is to each |ierson*s
own advantage that he should because
the securities are the safest in the
world#
And it is to the advantage
of the whole country also, because a
widespread ownership of the public
debt provides a broad base of persons
actively
to employees, and to be both an advantage
and a respoosifoility of employers*
But we are more interested in
both employees and employers In their
capacity as citizens»
It is in that
capacity that we want you to help in
every way possible in maintaining a
widespread distribution of the public
debt*
We want as many persons as
possible
17
for, In many cases, the furnishing
of payroll savings facilities by the
employer makes the difference for
many of his employees between
worth-while saving and no saving at
all*
. ..
;
for the reasons which I have just
given, we in the Treasury consider the
payroll savings plan to be an advantage
to
can
course«
work against
*
This is a
than
to mouth
» 14- “•
savings laid by is a happier nan* a
more contented employee* and a better
citizen#
... |.<*./
These are the advantages of the
payroll savings plan to the employee*
But* you nay ask, how does the employer
come in?
Why not let the employee
save money in his own way?
The employer comes in in two ways*
Both
***
-Whn
-
1 2
-
;i
plan Is to help the worker to sa|e —
• ..
- •
:•/ '
'
*
'-0^’
r
‘
to help hi# to convert a portion of
*^ P Prf-tf"*"
his "take-home pay" into "take-home
savings*"
And these take-home savings
are in the form of £ bonds which are
absolutely safe, absolutely liquid,
and pay |4 for ©very $3 put In if held
to maturity —
a combination which is
hard to beat*
Helping
V ....... ,
1 1
*
I do not need to labor the point
that the best way to save money Is to
take It out of the pay envelope before
it Is spent*
only way*
This is oftentimes the
It is a common experience
that once we come into the possession
of hard cash the resolution to save
too often remains merely a resolution*
The function of the payroll savinys
plan
fort» in which
This
principal
pr Inc
whi eh we
series of savings bonds currently
being sold
£f F t and Gf combined
«*. cash sales during the calendar
year 1946 exceeded redemptions by
Jf-
so,***,0**
about* 1*4 b-Hybten dol 1 ars ♦
Every dollar of savings bonds
which we sell in excess of redemptions
during the next year will make possible
the retirement of an additional dollar
of
..... •.... .
.. . ..,
of equaling redemptions*
We consider
this experience remarkably good in view
of the fact that many people bought
the bonds from patriotic motives during
the war and no longer felt under an
obligation to hold them after VJ-Oay*
Redemptions of E bonds reached a peak
last March, and have since been
gradually declining*
Considering all
series
of equaling redemptions
cons ider
this experience remarkably good in view
TOt
of the fi
ght
the bonds
during
the war al
an
obli gatto!
Oay
Redemption
Mr. Shaeffer
peak
last March, and have since been
gradually declining*
Considering all
series
—:
/.r--'"'íc-:
than a billion
know* is so little in need of financing
that during the past eleven months it
<$■
has reduced its debt by more than 2Q ¿erf fr?t .?t'iI
b-illioir-dollarc —
seven-eighths of
I
■
it in debt held by the banking system«
It has done this by using the part of
the working balance in the Treasury
which was made surplus when Federal
expenditures were reduced by about 60
percent
I
gv crtrOj errs
Jj.
Government deficit ofrr2*3 fciI~li
jfeiHbirG for this fiscal /ear
the
fiscal year which will end in the
coining dune
will be much more than
offset by non**cash items in the budget;
■
^
■■~
w.~
-
■;■■'■’.' -•
^
:
and during next fiscal year we hope to
have a surplus on an accounting as well
as on a cash basis*
The Federal Government, as you
-,M .
know,
it is especially to the advantage of
the railroads and their employees «*
even more than for other types of
industry »* to continue with the plan*
J%
First, why are we pushing the
■
.
",
f
- r'W'
payroll savings plan in industry
generally?
I should like to make it
clear that it is not to finance a
Federal Government deficit*
The Federal
Government
2
the merits of the program, and
especially of the payroll savings plan*
I want to concentrate on two
things*
First, why we are pushing the
industry;
why we think
Secretary Snyder has asked me to
express to you the real regret which he
feels because he is unable to be here
to talk to you personally about the
savings bond program*
That program has
his unqualified support and he is always
eager to do anything that he can to
contribute to its success.
1 can only
hope
Address by
Honorable Edward H* Foley, Jr.
Assistant Secretary of the Treasury
before the
Annual Meeting of the Association of
American Railroads
at the
Congress Hotel, Chicago, Illinois
Friday, January 31, 1947, 11:30 A.M., CST.
^
à
TREASURY DEPARTMENT
Washington
(The f o l l o w i n g a d d r e s s b y E d w a r d H. Foley, Jr.,
A s s i s t a n t S e c r e t a r y of the Tre a s u r y , b e f o r e the
A n n u a l M e e t i n g of the A s s o c i a t i o n of A m e r i c a n
R a i l r o a d s ,at t h e Co n g r e s s Hotel, C h i cago, Illinois,
is sch e d u l e d for d e l i v e r y at 1 1 :30 A.M. , C . S.T . ,
F r i day, J a n u a r y 31* 19^7; and* is f o r re l e a s e at
that, t i m e . )
S e c r e t a r y Snyd e r has a s k e d m e to- e x p r e s s to y o u the
real regret w h i c h ho. feels b e c a u s e he is u n able to be h e r e
to talk to y o u p e r s o n a l l y about the savings b o n d program.
That p r o g r a m has his u n q u a l i f i e d support and he is always
eager to do a n y t h i n g that he can to .contribute to its s u c
cess.
1 can only hope, therefore, that wha t I h a v e to. say
to
y o u will be as e f f e c t i v e as I k n o w his w o rds would, be
in d e s c r i b i n g the m e r i t s of the program, and e s p e c i a l l y of
the pa y r o l l savings plan.
I
want to c o n c e n t r a t e on two; things.
First., w h y
are p u s h i n g the p a yroll savings plan in all types of i n
dustry; and, second, w h y we t h ink that it is e s p e c i a l l y to
the a d v a n t a g e of the r a i l r o a d s and their e m p l o y e e s - even
m o r e than for other types of i n d u s t r y - to continue w i t h
the plan.
we
First, w h y are we pushing the payroll savings p l a n m
industry generally?
I should like to m a k e it clear that it
is not to f i n a n c e a F e d e r a l G o v e r n m e n t deficit.. The F e d e r a l
G o v e r n m e n t deficit of $ 2 ,300 ,000,000 for this fiscal jear the f i s c a l year w h i c h will end a n - t h e coming June - will be
m u c h m o r e . t h a n offset b y n o n - c a s h items In the budget;
and
during n e x t f i scal y e a r ’we hope to have a surplus on an a c
counting as well
as on a cash basis.
The F e d e r a l G o v e r n m e n t , as y o u know, is so little In
n e e d of f i n a n c i n g that d u r i n g the past e l e v e n m o n t h s it has
r e d u c e d its debt b y . m o r e than $ 20 ,000 , 000,000 - s e v e n - e i g h t h s
of it' in debt held* b y the b a n k i n g system.
It has done this
by using the part of the w o r k i n g b a l a n c e in the T r e a s u r y
w h i c h was m a d e surplus w h e n F e d e r a l e x p e n d i t u r e s were reduced
by about 60 pe r c e n t f r o m the w a r t i m e peak.
S--220
2
I
3ay all of this m e r e l y to m a k e it d o u b l y clear that
our obj e c t i v e in p u s h i n g the savings bond p r o g r a m is not to
obtain f u n d s f or the o p e r a t i o n of the F e d e r a l G o v e r n m e n t .
D u r i n g the c a l e n d a r year 1946, cash sales of Series E
savings b o nds fell less than a b i l l i o n do l l a r s short of
equaling r edemptions,
¥e co n s i d e r this e x p e r i e n c e r e m a r k a b l y
g oo d in v iew of the fact that m a n y people b o u g h t the b o nds
for pa t r i o t i c m o t i v e s during the war and no l o n g e r felt under
an o b l i g a t i o n to h o l d them a f t e r VJ-Day.
Redemptions
of E
bonds r e a c h e d a p e a k last March, and have- since b e e n g r a d u a l l y
declining.
C o n s i d e r i n g all series of savings b o nds c u r r e n t l y
being sold - E, F, and G, c o m b i n e d - cash sales d u r i n g the
c a l endar yea r 1946 e x c e e d e d r e d e m p t i o n s b y about
$1, 400,000,000.
E v e r y doll a r of savings bonds w h i c h we sell in excess
of r e d e m p t i o n s d u r i n g ' t h e next yea r will m a k e
p o s s i b l e the
reti r e m e n t of an a d d i t i o n a l d o l l a r of b a n k - h e l d debt.
This
is all to the g o o d in these times, but it is not our p r i n c i
pal r e a s o n for p u s hing the payroll savings plan.
Our p r i n c i p a l r e a s o n for pushing the payroll savings
pla n is to m a i n t a i n the wide base of the o w n e r s h i p of the
public debt w h i c h we e s t a b l i s h e d during the war period.
We want to do this b e c a u s e it is a, good, thing for the e m
ployee, be c a u s e it is a g o o d t h i n g for the employer, and
b e c ause it is a g o o d thing for the w h ole community.
The p a yroll savings plan is a g o o d thing for the e m
plo yee b e c a u s e it c o m bines the m o s t e f f e c t i v e m e a n s of
saving w i t h the best f o r m in w h i c h to save.
I
do not n e e d to labor the point that the best w a y to
save m o n e y is to take it out of the p ay e n v e l o p e b e f o r e it
is spent.
This is o f t e n t i m e s the o nly way.
It is a common
e x p e rience that once we come into the p o s s e s s i o n of hard
cash the r e s o l u t i o n to save too often r e m a i n s m e r e l y a r e s o
lution .
The f u n c t i o n of the payroll savings p lan is to h e l p the
w o r k e r to save - to h e l p h i m to'c o n v e r t a p o r t i o n of his
Mta k e - h o m e pay" into "take-home savings."
A n d these takehome savings are in the f o r m of E b o nds w h i c h are a b s o l u t e l y
safe, a b s o l u t e l y liquid, and p a y $4 f or e v e r y $3 put in if
h eld to m a t u r i t y - a c o m b i n a t i o n w h i c h is hard, to beat.
3
H e l p i n g the •worker to save is he l p i n g h im to h e l p himself.
It removes h i m f r o m the a n x i e t y of a h a n d - t o - m o u t h existence;
it p r o v i d e s for the t r a d i t i o n a l " r a i n y ” day; it p e r m i t s h i m to
a c c u mulate a re s e r v e to b u y a home, to e d u c a t e his children,
and to p r o v i d e se c u r i t y for h i m s e l f and his family. A w o r k e r '
with some savings laid by is a h a p p i e r man, a m o r e contented
employee, and a b e t t e r citizen*
T h e s e are the a d v a n t a g e s of the p a y roll savings pla n to
the employee.
But, y o u m a y ask, h o w does the e m p l o y e r come in?
W hy not let the e m p l o y e e save m o n e y in his own way?
T h e e m p loyer comes in in two ways. B o t h of these are
implicit in what I have just said about the employee.
In the first place, it is to the a d v a n t a g e of the emplo y e r
that his e m p l o y e e s should save.
A n e m p l o y e e w i t h something
set aside is m o r e c o n t e n t e d and m o r e e f f i c i e n t than one l i v
ing f r o m h a n d to mouth.
In the second place, the e m p l o y e r has a r e s p o n s i b i l i t y
to his e m p l o y e e s to h e l p them to save b y p r o v i d i n g .the proper
facilities for e f f e c t i v e saving.
Of course, e m p l o y e e s can
and do save in other ways;
but w h e n an e m p l o y e r a b a n d o n s the
payroll savings plan, he is letting i n e r t i a w o r k against
saving rath e r than for it.
Thi s is a h e a v y r e s p o n s i b i l i t y
for any e m p l o y e r to take; for, in m a n y cases, the f u r n i s h i n g
of payroll savings f a c i l i t i e s b y the e m p l o y e r m a k e s the d i f
ference for m a n y of his e m p l o y e e s b e t w e e n w o r t h - w h i l e saving
and no saving at all.
F o r the r e a s o n s w h i c h I have just given, we in the
T r e a s u r y con s i d e r the payroll' s avings p lan to be an a d v a n t a g e
to employees, a nd to be b o t h an a d v a n t a g e and a r e s p o n s i b i l i t y
of employers.
B u t we are m o r e i n t e r e s t e d in b o t h e m p l o y e e s and e m p l o y
ers in their c a p a c i t y as citizens.
It is in that c a p a c i t y
that we wan t y o u to h e l p in e v e r y w a y p o s s i b l e in m a i n t a i n i n g
a w i d e s p r e a d d i s t r i b u t i o n of the p u b l i c debt.
We want as
m a n y persons as p o s s i b l e thr o u g h o u t the c o u n t r y to own s i g n i f i
cant a m o unts of U n i t e d Sta tes securities.
It is to e ach p e r
son's own a d v a n t a g e that he should, b e c a u s e the s e c u rities are
the safest in the world.
A n d it is to the a d v a n t a g e of the
whole c o u n t r y also, b e c a u s e a w i d e s p r e a d o w n e r s h i p of the
public debt p r o v i d e s a b r o a d base of pe r s o n s a c t i v e l y i n t e r e s t e d
in the f i n a n c i a l a nd other a f fairs of the G o v e r n m e n t , and in
the p r e s e r v a t i o n of the i n t e g r i t y of our institutions.
Thi s is a large order,, but our success in f i lling it
will be v e r y imp o r t a n t in shaping the social h i s t o r y of the
next gene r a t i o n .
Y o u an d all other e m p l o y e r s can do a great
deal to h e l p us b y k e e p i n g up the p a y roll savings plan.
Wha t I have said to y o u so far c o uld be said e q u a l l y
well to a ny other large g r o u p of e m p l o y e r s in the U n i t e d
States.
It an s w e r s the first of the two q u e s t i o n s w h i c h I
posed at the b e g i n n i n g of this talk; n a m e l y , w h y are we
p u s h i n g ^ t h e payroll savings pla n in all types of industry?
It r e m a i n s f or m e to tell y o u w h y I b e l i e v e that the r a i l
roads p l a y a k e y role in the payroll savings plan, and w h y I
b e lieve that r e t a i n i n g the plan is even m o r e to y o u r a d v a n t a g e
than it is to that of i n d u s t r y generally.
R a i l r o a d s p l a y a k e y rol e in the p a y roll savings p l a n
f or the same r e a s o n that the y p l a y a similar role in other
n
oociai and c o m m u n i t y activities.
Y o u r i n d u s t r y is so large
and is c o m p o s e d of such large companies, the service w h i c h
y ou r e n d e r is so vital to y o u r communities, and so enriched
with tradition, and you r o p e r a t i o n s are so d e e p l y affected
with the public in t e r e s t and are so m u c h a m a t t e r of public
r e cord that a n y m o v e m a d e b y the
r a i l r o a d i n d u s t r y is b o und
to^have r e p e r c u s s i o n s e x t e n d i n g far beyond its point of
origin.
F o r this reason, we are e s p e c i a l l y a n x ious that the
railx oad I n d u s t r y m a i n t a i n its p r e sent good record on the
payroll savings plan.
But, p e r h a p s of m o r e i m m e d i a t e s i g n i f i c a n c e to you, is
the fact that there is p r o b a b l y no i n d u s t r y in the United
States w h i c h is In a p o s i t i o n to get b e t t e r value for e v e r y
dollar e x p e n d e d on the p a y roll savings pla n than is the
r a i l r o a d Industry.
^ T his is b e c a u s e of your t r a d i t i o n a l l y low labor turnover.
This l ow t u r n o v e r r e d u c e s the cost of m a i n t a i n i n g the payroll
savings plan, on the one hand, and m a k e s it m o r e effective,
on the o t h e r .
L a b o r t u r n o v e r Is the g r e a t e s t e n e m y of the
payroll
savings p l a n - as e ach change of job r e q u i r e s a n e w d e c i s i o n
to r e j o i n the p l a n on the part of the employee.
Y o u are c o n
f r o nted w i t h this p r o b l e m to a m u c h smaller extent than m o s t
employers, a n d so are able to get a b e t t e r p a y roll savings
job done for less money.
In addition, y o u get m o r e value out
ol the p l a n than do m o s t employers, be c a u s e y o u r emp l o y e e s
stay w i t h y o u long e n ough for b o t h y o u a nd them to realize
its long-term advantages.
5
F o r you, the payroll savings p l a n is an even b e t t e r
value than for I n d u s t r y generally.
It costs y o u less and
g i ves y o u more.
I should like, therefore, on b e h a l f of S e c r e t a r y Snyder
to ask those r a i l r o a d s - the g r eat m a j o r i t y of the i n d u s t r y
w h i c h n o w have the p a y r o l l savings p l a n to continue it; and
to a sk those r a i l r o a d s w h i c h have a b a n d o n e d it to r e i n s t a t e
it.
We do not as k that the p a y r o l l savings pla n should be
a vent ure in " n e e d l i n g ", or that a n y em p l o y e e should be aske
to join the p l a n or to continue on it, except w i l l i n g l y and
in his own self-interest.
B ut we do b e l i e v e that the r a i l
r oad i n d u s t r y surely as m u c h as a n y i n d u s t r y in the.
United. St a t e s - has a h i g h public r e s p o n s i b i l i t y to m a k e the
f a c i l i t i e s of the p a yroll savings p lan a v a i l a b l e to its e m
ployees, a nd to do its part in f u r t h e r i n g the o b j e c t i v e of
a cont i n u i n g w i d e s p r e a d o w n e r s h i p of the public debt.
oOo
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
Thursday, ¿emery 30, 191*6.
Press Service
%
j
The Secretary of the Treasury today announced the subscription and allot
ment figures with respect to the current offering of 7/3 percent Treasuiy
i U K
dated
F e b r u a r y 1, 19fr7.
Certificates of Indebtedness of Series B-19U8/. Subscriptions for amounts up to
and including $2£,000 were allotted in full and amounted to $U5,887,000.
Subscriptions and allotments were divided among the several Federal Reserve
Districts and the Treasury as follows!
Federal Reserve
District
Total Subscriptlons Received
Total Subscriptions Allotted
Boston
Mew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louie
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
1
1
tom
106,61(1,000
3,299,1*U9,000
7 3 ,7 2 2 ,0 0 0
9 1 ,1 0 5 , ooo
5 9 ,8 7 8 ,0 0 0
8 6 ,6 1 8 ,0 0 0
3 9 0 ,1 1 0 ,0 0 0
9 6 ,5 2 0 ,0 0 0
6 5 ,3 9 1 ,0 0 0
1 3 0 ,0 0 1 ,0 0 0
8 0 ,0 9 1 ,0 0 0
3 1 8 ,5 7 3 ,0 0 0
2,957.000
>1*, 8 0 1 ,3 9 6 , ooo
87,773,000
2 ,7 0 6 ,7 7 7 ,0 0 0
60,736,000
75,1*62,000
1*9,1*78,000
71,1*75,000
321,639,000
80,061^000
55,135,000
107,996,000
6 6,111,000
261,559,000
2,1*56,000
•3,91*6,658,000
/
TREASURY DEPARTMENT
Washington
FOR I M M E D I A T E RELEASE,
Thursday, J a n u a r y 30, 1947.
P r ess S e r v i c e
No. -S—221
The S e c r e t a r y of the T r e a s u r y t o day a n n o u n c e d the
scription and a l l o t m e n t f i g u r e s w i t h r e s p e c t
offering of 7/8 'percent T r e a s u r y C e r t i f i c a t e s
of Series B-1948,
to be d a ted F e b r u a r y 1,
su b
to the current
of I n d e b t e d n e s s
1947,
Subscriptions
for amounts up to and i n c l u d i n g $ 2 5 .,000 w e r e a l l o t t e d in full
and a m o u n t e d to $ 4 5 , 8 87,000.
S u b s c r i p t i o n s and a l l o t m e n t s wer e d i v i d e d a m o n g the
several F e d e r a l R e s e r v e D i s t r i c t s
and the T r e a s u r y as follows:
F e d eral R e s e r v e
Di s t r i c t
Tot cl1 S u b s criptions R e c e i v e d
T o tal S u b scriptions A l l o t t e d
Boston
New Y o r k
Philadelphia
Cleveland
Ri c h m o n d
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San F r a n c i s c o
Treas u r y
$
$
TOTAL
106,641,000
3,299.449,000
7 3 . 7 2 2 .000
9 1 .415.000
5 9 .878.000
86 .618.000
390 .110.000
96 .520.000
6 5 . 391.000
130 . 001.000
80 . 091.000
3 18 .573.000
2 ,987,000
$ 4 , 8 O I , 396 ,000
0O0
87,773,000
2,706,777,000
60 ,736,000
7 5 . 4 6 2 .000
49.478.000
71,475,000'
3 2 1 .639.000
80 . 061.000
55.135.000
1 0 7 .996.000
.
66 111.000
261.559.000
2,456,000
$3,946,658,000
ILBH&
- 3 -
sold, redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 1|18, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
■M
mmm
-
2
-
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, lolloping which public announcement will be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders iiill be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any -or all tenders, in whole or. in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for $200,000
or less from any one bidder at
accepted in full.
99.905> entered
on a fixed-price basis Trill be
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
February
*
6, I9I4.7
m
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other excise taxes,
■whether Federal or State, but shall be exempt from all taxation now or here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
U2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section ll£ of
the Revenue Act of 19Ul, the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
ALFHA
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, January 31, 19U7
m
The Secretary of the Treasury, by this public notice, invite:; tenders for
$ 1.300.000.000 , or thereabouts, of
— par—
on a discount basis
provided.
91
m
-day Treasury bills, to be issued
under competitive and fixed-price bidding as hereinafter
The bills of this series Trill be dated
will mature
out interest.
February 6. 19ii7
> and-
8,
, when the face amount will be payable with19U7
■s r
They will be issued in bearer form only, and in denominations
May
Tenders Trill be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday, February 3. X9U? ♦
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of -$1 ,000, and the price offered must be
expressed on the basis of
Fractions may not be used.
100,
with not more than three decimals, e. g., 99.925*
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
TREASURY DEPARTMENT
Washington
F O R RELEASE, M O R N I N G N E W S PAPERS,
Friday, J a n u a r y 31, 1947
Press Service
No. S-222
The S e c r e t a r y of t h e ‘Treasury, b y this p u blic notice,
invites tenders for & ,300 , 000 , 000, or thereabouts, of 9 1 -day
T r e a s u r y bills, to be i s s u e d on a d i s c o u n t b a s i s under c o m
pe t i t i v e and f i x e d - p r i c e bidding as h e r e i n a f t e r provided. The
bills of this series will be d a ted F e b r u a r y 6 , 1947, and will
m a t u r e M a y 8 , 194-7, w h e n the face amount will be pa y a b l e w i t h
out interest.
T h e y will be i s s u e d in b e a r e r f o r m only, and
in denominations- of $ 1 , 000 , $5 ,000 , $10 ,000 , m 1 0 0 ,0 0 0 ,
$ 500 , 000 , and $ 1 ,000,000 ( m a t u r i t y value).
T e n d e r s will be r e c e i v e d at F e d e r a l R e s e r v e B a n k s and
B r a n c h e s up to- the closing hour, two o ' c l o c k p.m., E a s t e r n
Standard time, Monday, F e b r u a r y 3, 1947.
T e n d e r s will
not
be r e c e i v e d at the T r e a s u r y D e p a r t m e n t , W ashington.
Each
tender m u s t be f or an even m u l t i p l e of $ 1 , 000 ,"and the price
offered m u s t be e x p r e s s e d on the b a s i s of 100 , w i t h not m o r e
than three decimals, e.g., 99.925,
F r a c t i o n s m a y - n o t be used
It is u r g e d that tenders be m a d e on the printed f o r m s and
f o r w a r d e d in the special e n v e l o p e s w h i c h will be supplied b y
F e d eral R e s e r v e B a n k s or B r a n c h e s on a p p l i c a t i o n therefor.
T e n d e r s will be received/ wi t h o u t de p o s i t f r o m i n c o r p o
rated b a nks and trust c o m p anies and f r o m r e s p o n s i b l e and
r e c o g n i z e d d e a l e r s in i n v e s t m e n t securities.
Tenders from
others m u s t be a c c o m p a n i e d b y payment of 2 p e r c e n t of the
face amount of T r e a s u r y b i lls ap p l i e d for, unless the tenders
are a c c o m p a n i e d b y an express g u a r a n t y of p a y ment b y an i n
c o r p o r a t e d b a n k or trust company.
I m m e d i a t e l y a f ter the closing hour, tenders will be
opened at the F e d e r a l Re s e r v e B a n k s a n d B r a n ches, f o l l o w i n g
which p u b l i c a n n o u n c e m e n t will be m a d e b y the S e c r e t a r y of
the T r e a s u r y of the amount and price r a nge of a c c e p t e d bids.
Thooe subm i t t i n g tenders will be a d v i s e d of the a c c e p t a n c e or
rej e c t i o n
thereof.
The S e c r e t a r y of the T r e a s u r y e x p r e s s l y
reserves the right to
?pt or r e ject a n y or all tenders, in
whole or in
part;, and his a c t i o n in a ny such r e s p e c t shall
final,
oubject to these r e s e r v a t i o n s , tenders for
$ 200,000 or less f r o m a ny one brd.der at 99.905 entered! o n a
f i x e d - p r i c e basis will be a c c e p t e d in full.
P a y ment of a c
cepted tenders at the p r i c e s o f f e r e d m u s t be m a d e or c o m p l e t e d
at the F e d e r a l R e s e r v e B a n k in cash or other i m m e d i a t e l y aval]
able funds on F e b r u a r y 6 , 1947.
2
T h e - income d e r i v e d f r o m T r e a s u r y "bills, w h e t h e r interest
or g a i n f r o m the sale or other d i s p o s i t i o n of the hills, shall
not hav e a n y exemption, as such,
and loss fro m the sale or
other d i s p o s i t i o n of T r e a s u r y hills shall not have a n y special
treatment, as such, u n der Federal T a x A c t s n o w or h e r e a f t e r
enacted.
The h i l l s shall he subject to estate, inheritance,
gift, or other excise taxes, w h e t h e r F e d e r a l or State, but
shall he exempt f r o m all t a x a t i o n n o w or h e r e a f t e r Imposed on
the p r i n c i p a l or int e r e s t thereof h y a n y State, or a n y of the
p o s s e s s i o n s of the U n i t e d States, or hy a ny local taxing
authority.
F o r p u r p o s e s of t a x a t i o n the amount of discount
at w h i c h T r e a s u r y h i lls are o r i g i n a l l y sold h y the U n i t e d
S t ates shall he c o n s i d e r e d to b e interest.
U n d e r Sections 42
a nd 117(a)(1) of the I n t ernal R e v e n u e Code, as amended hy
S e c t i o n 115 of the R e v e n u e A c t of 1941, the a m ount of discount
at w h i c h h i l l s i s s u e d h e r e u n d e r are sold shall not he c o n
sidered, to accrue until such h i lls shall be sold, redeemed, or
oth e r w i s e d i s p o s e d of, and such h i l l s are excluded, f r o m cor-'
s i d e r a t i o n as capital assets.
A c c o r d i n g l y , the owner of
T r e a s u r y hills (other than life in s u r a n c e companies) issued
h e r e u n d e r n e e d i n c l u d e in his income tax r e t u r n o n l y the
d i f f e r e n c e b e t w e e n the price p aid f or such hills, w h e t h e r an
original issue or on subsequent purchase, and the a m ount
a c t u a l l y r e c e i v e d e i t h e r u pon sale or r e d e m p t i o n at m a t u r i t y
during the taxable y e a r for w h i c h the r e t u r n is made, as
o r d i n a r y g a i n or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 4l8, as- amended, .and
this notice, p r e s c r i b e the terms of the
T r e a s u r y h i l l s and
g o v e r n the c o n d i t i o n s of their issue.
Copies of the circular
m a y he o b t a i n e d f r o m a n y F e d e r a l R e s e r v e B a n k or Branch.
0O0
I
>«4 -
Pne ingenious check thief sought to insure himself against early
detection by -writing his victim as follows;
”A few words to infoim you that we had trouble with the
money you was to receive, we lost your money somewhere but we
dont know where - Now dont get confused because it may take a
week or a month or a year or maybe more, so please let us find
it for you, it maybe stolen or lost, or maybe destroy.
If you
write it will take longer for us to find the information.
This
letter was lost and we had to send you another envelope the
other letter was t o m and dirty.
This letter comes from the
Treasury Dept# ¥/.D.C#n
The strategy came to naught, for the forger was arrested, and
drew a year in prison*
One unusual assignment of the Secret Service during the year was
the safeguarding by agents of the 700 year old Lacock Abbey copy of
the Magna Carta in transit from New York to Washington.
The famous
document has been loaned by the British Museum to the Library of
Congress.
0O0
more ,than 14 ,0 0 0 bonds - the latter figure more than doubles the total
for 1945*
The Secret Service cjiief warned owners of bonds and recipients of
checks to guard them carefully against loss by theft, and urged cashers
of Government obligations to be certain of identification of persons
presenting them for payment.
There were nearly 2,000 convictions obtained for check forgers during
1946, compared with 1,600 in 1945*
There were 281 bond forgery convictions
about the same as in the previous year, and 61 persons were convicted on
counterfeiting charges.
These convictions resulted in total prison
sentences for the culprits of some 2,500 years, and fines totaling $65,000.
Additional sentences totaling 2,600 years were suspended or probated.
In one unusual bond case, the forger allegedly adopted the name of
one of the owners of $ 6 ,2 5 0 worth of stolen securities, moved to another
state, bought a Packard automobile under his victim’s name, and set himself
up in business as partner of a local resident.
After establishing
himself in the community under the assumed name, the forger systematically
redeemed the stolen securities, victimizing nearby banks.
his old trade, burglary, trapped him.
A fling at
Local police trailed the culprit
by tracks in the snow from a looted store, and a sheriff’s posse finally
captured him in an abandoned cabin, despite the fact that the criminal
had a sizeable arsenal and threatened to kill any officer that came in
after him.
-
2
-
Details of the two cases, the most important counterfeiting
enterprises discovered by the Service in recent years, were included
|
in a rpport of Chief James J. Maloney to Secretary Snyder on
operations of the Treasury agency during 1946.
Chief Maloney reported the first increase in several years in
losses to the American public from counterfeit notes.
$47,129, compared to $18,135 in 1945.
The total was
However, the 1946 figure was
still of nominal proportions compared with the records of the middle
’30!s when the public lost as much as a million dollars a year to
counterfeiting.
Chief Maloney also reported a trickle of counterfeits of foreign
origin appearing in money shipments or brought into the country by
returning service men, travelers, and seamen.
Nearly all were of types
known to the Service before the war, were of poor workmanship, and were
promptly seized upon presentation to banks in this country.
However, two new counterfeits of excellent workmanship appeared
in some volume during the year in money shipments from the Far East.
A warning campaign carried to money handlers in the area promptly dried
up the market for the counterfeiters, and only occasional notes have
appeared in recent months.
There were 85 persons arrested for counterfeiting in 1946, compared
to 43 in 1945.
Mounting thefts and forgeries of Government checks and bonds com
bined with the flurry of counterfeiting to give the Secret Service a
busy year.
Nearly 30,000 checks were received for investigation, and
The Treasury today told how a four-day search of the bottom of the
Passaic River near Newark, N e w Jersey, by cooperating Navy divers,
recovered the engraved plates from which $110,000 in counterfeit $20
notes had been printed*
Recovery of the copper plates, which had been cut into 44. pieces,
climaxed an investigation by the United States Secret Service that
resulted in seizure of the bogus bills and the arrest of five persons
on counterfeiting charges.
In another spectacular investigation, laboratory experts of the
Service identified a new counterfeit that appeared in St. Louis as the
handiwork of an old offender,' Harry S. Leonard$ and an agent with a memory
for faces spotted the suspect on the street and arrested him.
The
counterfeiting plant was seized in Leonard’s hotel room.
OnHy 39 of Leonard’s bogus $10 and $5 Federal Reserve notes got
into circulation.
Leonard, who was arrested on November 21, pleaded,
guilty on December 6, and was sentenced to fifteen years in prison.
A West Coast Secret Service agent who posed as a gangster worked his
way into the Newark counterfeit ring, and obtained the evidence that
resulted in arrest of the leaders and seizure of the notes after only
two bills had been passed*
One principal, Joseph Soroka, pleaded guilty on January 16, 1947,
and was sentenced to five years in prison.
trial,
Four associates are awaiting
TO:
TREASURY D E
Washirìi
FOR RELEASE,
Sunday, F e b r u a r y 2,
1947.
The T r e a s u r y today told hi
bottom of the Passaic River ne|
c ooperating N a v y divers, recovl
which $ 110,000 in coun t e r f e i t J
R e c o v e r y of the copper pll
pieces, cl i m a x e d an investigati
Service that r e s u l t e d in seizuj
arrest of five p e r s o n s on counl
In an o t h e r s p e c t a c u l a r ini
of the Service i d e n t i f i e d a net '
St. Louis as the h a n d i w o r k of I
Leonard; and a n agent w i t h a
pect on the street and a r r e s t e M
was seized in L e o n a r d ’s h o t e l
Mr. Shaeffer
Only 39 of L e o n a r d ' s bogus $10 and $5 F e d e r a l R e s e r v e
notes got into c i r c ulation.
Leonard, who was a r r e s t e d on
November 21, p l e a d e d g u i l t y on D e c e m b e r 6 , and was s e n t e n c e d
to f i f t e e n y e a r s in prison.
A W e s t Coast Secret S e r vice agent
who p o s e d as a g a n g s t e r w o r k e d his w a y into the N e w a r k c o u n t e r
feit ring, and o b t a i n e d the ev i d e n c e that r e s u l t e d in arrest of
the leaders an d seizure of the n o t e s a f ter o n l y two bills had
been passed.
One principal, J o s e p h Soroka, p l e a d e d g u i l t y on
January 1 6 , 1947, and was s e n t e n c e d to five y e a r s in prison.
Four a s s o c i a t e s '
, are a w a i t i n g trial.
D e t a i l s of the two cases, the m o s t imp o r t a n t c o u n t e r
feiting e n t e r p r i s e s d i s c o v e r e d b y the Service in r e c e n t years,
were i n c l u d e d in a r e p o r t of C h i e f James J. M a l o n e y to
Secretary Snyder on o p e r a t i o n s of the T r e a s u r y a g e n c y d u r i n g
1946.
&
C h ief M a l o n e y r e p o r t e d the first in c r e a s e in several years
in losses to the A m e r i c a n p u b l i c f r o m c o u n t e r f e i t notes.
The
total was $47,129., c o m p a r e d to $18,135, in 1945*
However, the
1946 figure was still of n o m i n a l p r o p o r t i o n s c o m p a r e d w i t h
the record s of the m i d d l e '3 0 's . w h e n the p u b l i c lost as m u c h
as a m i l l i o n d o l l a r s a y ear to cou n t e r f e i t i n g .
T
T R E A S U R Y DE|
Washid
FOR RELEASE,
Sunday, F e b r u a r y 2,
19^7«
The T r e a s u r y today told hd
bott o m of the Passaic R i ver nea
coop e r a t i n g N a v y divers, r e covd
w h ich $ 110,000 in c o u n t e r f e i t |
R e c o v e r y of the copper plj
pieces, cl i m a x e d an inv e s t i g a t
Service that r e s u l t e d in seizuJ
arrest of five p e r s o n s on coun
In an o t h e r s p e c t a c u l a r in
of the Service i d e n t i f i e d a ne
St. Louis as the h a n d i w o r k of
Leonard; and a n agent w i t h a znf
pect on the street and a r r e s t e ®
was seized in L e o n a r d ' s h o t e l
Mr. Shaeffer
Only 39 of L e o n a r d ' s bogus $10 and $5 F e d e r a l R e s e r v e
notes got into c i r c u lation.
Leonard, who was a r r e s t e d on
November 21, p l e a d e d g u i l t y on D e c e m b e r 6 , and was s e n t e n c e d
to f i f t e e n y e ars in prison.
A W e s t Coast Secret Se r v i c e agent
who p o s e d as a g a n g s t e r w o r k e d his w a y into the N e w a r k c o u n t e r
feit ring, and o b t a i n e d the e v i dence that r e s u l t e d in arrest of
the leaders a nd seizure of the n o t e s a f ter o nly two b i lls h ad
been passed.
One p rincipal, J o s e p h Soroka, p l e a d e d g u i l t y on
January 16, 1947, and was s e n t e n c e d to five y e ars in prison.
Four a s s o c i a t e s 1
, are a w a i t i n g trial.
D e t a i l s of the two cases, the m o s t i m p o r t a n t c o u n t e r
feiting e n t e r p r i s e s d i s c o v e r e d by the S e r vice in r e c e n t years,
were i n c l u d e d in a r e p o r t of C h i e f James J. M a l o n e y to
Secretary Snyder on o p e r a t i o n s of the T r e a s u r y a g e n c y d u r i n g
19^6.
C h ief M a l o n e y r e p o r t e d the first i n c r e a s e in several years
in losses to the A m e r i c a n p u b l i c f r o m c o u n t e r f e i t notes.
The
total was $4-7,129, c o m p a r e d to $18,135, in 1945«
However, the
1946 figure was still of n o m i n a l p r o p o r t i o n s c o m p a r e d w i t h
the records of the m i d d l e '3 0 's . w h e n the p u b l i c lost as m u c h
as a m i l l i o n d o l l a r s a y e a r to c o u n t e r f e i t i n g .
TREASURY DEPARTMENT
Washington
FOR RELEASE,
Sunday, F e b r u a r y 2,
1947.
Press Service
S-223
The T r e a s u r y today told h o w a f o u r - d a y s e a r c h of the
b o t t o m of the Passaic R i ver near Newark, N e w Jersey, b y
c o o p e r a t i n g N a v y divers, r e c o v e r e d the e n g r a v e d p l a t e s from
w h i c h $ 110,000 in c o u n t e r f e i t $20 n o tes h a d b e e n p r i nted.
R e c o v e r y of the copper plates, w h i c h h a d b e e n cut into 44
pieces, cl i m a x e d a n i n v e s t i g a t i o n by the U n i t e d States Secret
Service that r e s u l t e d in seizure o f the b o g u s bills and the
arrest of five p e r s o n s on c o u n t e r f e i t i n g charges.
In a n o ther s p e c t a c u l a r investigation, l a b o r a t o r y experts
of the Service i d e n t i f i e d a n e w c o u n t e r f e i t that a p p e a r e d in
St. L o uis as the h a n d i w o r k of an old offender, H a r r y S.
Leonard; and an agent w i t h a m e m o r y for faces spotted the s u s
pect on the street and a r r e s t e d him.
The c o u n t e r f e i t i n g p l a n t
was seized in L e o n a r d ’s h o t e l room.
Only 39 of L e o n a r d ' s bogus $10 and $5 F e d e r a l R e s e r v e
notes got into c i r c u lation.
Leonard, who was a r r e s t e d on
November 21, p l e a d e d g u i l t y on D e c e m b e r 6 , and was s e n t e n c e d
to f i f t e e n y e ars in prison.
A W e s t Coast Secret S e r vice agent
who p o s e d as a g a n g s t e r w o r k e d his w a y into the N e w a r k c o u n t e r
feit ring, and o b t a i n e d the ev i d e n c e that r e s u l t e d in arrest of
the leaders a nd seizure of the n o t e s a f ter o nly two b i lls had
been passed.
One principal, J o s e p h Soroka, p l e a d e d g u i l t y on
January 1 6 , 1947? and was s e n t e n c e d to five y e a r s in prison.
Four associates', are a w a i t i n g trial.
D e t a i l s of the two cases, the m o s t imp o r t a n t c o u n t e r
feiting e n t e r p r i s e s d i s c o v e r e d by the S e r vice in r e c e n t years,
were i n c l u d e d in a r e p o r t of C h i e f James J. M a l o n e y to
S e c r etary Snyder on o p e r a t i o n s of the T r e a s u r y a g e n c y d u r i n g
1946.
6
C h i e f M a l o n e y r e p o r t e d the first inc r e a s e in several years
in losses to the A m e r i c a n p u b l i c f r o m c o u n t e r f e i t notes.
The
total was $47,129? c o m p a r e d to $18,135? in 1945.
However, the
1946 figure was still of n o m i n a l p r o p o r t i o n s c o m p a r e d w i t h
the r e c o r d s of the m i d d l e ’3 0 's . w h e n the p u b l i c lost as m u c h
as a m i l l i o n do l l a r s a y e a r to cou n t e r f e i t i n g .
2
C h ief M a l o n e y also r e p o r t e d a trickle of c o u n t e r f e i t s of
f o r e i g n o r i g i n a p p e a r i n g in m o n e y shi p m e n t s or b r o u g h t into
the co u n t r y by r e t u r n i n g service men, travelers, and seamen.
Near l y all w ere of types k n o w n to the S e r vice b e f o r e the war,
were of poo r workm a n s h i p , and w e r e p r o m p t l y seized u p o n p r e
s e n t a t i o n to banks in this country,
Howev e r , two- n e w c o u n t e r f e i t s of e x c e l l e n t w o r k m a n s h i p
a p p eared in some v o l u m e d u r i n g the y e a r in m o n e y shipments f r o m
the Par East.
A w a r n i n g c a m p a i g n c a r r i e d to m o n e y h a n d l e r s in
the are a p r o m p t l y d r ied up the m a r k e t for the c o u n t e rfeiters,
and only o c c a s i o n a l notes have a p p e a r e d in r e c e n t m o n t h s .
There w e r e 85 p e r s o n s
compared to 43 in 1945.
a r r e s t e d for c o u n t e r f e i t i n g in 1946,
M o u n t i n g thefts and forgeries of G o v e r n m e n t checks and bonds
combined w i t h the f l urry of c o u n t e r f e i t i n g to give the Secret
Service a b u s y year.
N e a r l y 36 ,000 checks w e r e r e c e i v e d for
investigation, and m o r e tha n 14,000 bonds - the latter f i gure
more t h a n d o u bles the total for 1 9 4 5 .
The Secret Service Chief w a r n e d owners of b o n d s and r e
cipients of checks to guard the m c a r e f u l l y ag a i n s t loss by
theft, and u r g e d cashers of G o v e r n m e n t o b l i g a t i o n s to be c e r t a i n
of i d e n t i f i c a t i o n of p e r s o n s p r e s e n t i n g t hem for payment.
T h ere w e r e n e a r l y 2 , 000 conv i c t i o n s o b t a i n e d for c h e c k
forgers d u r i n g 1946, co m p a r e d w i t h 1,600 in ig'45.
T h ere w ere
28 l b o n d f o r g e r y convictions, about the same as in the p r e v i o u s
year, and 6 l p e r s o n s wer e c o n v i c t e d on c o u n t e r f e i t i n g charges.
These c o n v i c t i o n s r e s u l t e d in total p r i s o n s e n tences for the
culprits of some 2,500 years, and fines t o t a l i n g $ 6 5 ,000 .
A d d i t i o n a l s e n t ences t o t a l i n g 2,600 years wer e sus p e n d e d or
probated.
In one u n u s u a l b ond case, the forger a l l e g e d l y a d o p t e d the
name of one of the owners of $ 6,2 50 w o r t h of s t o l e n securities,
m o v e d to a n o t h e r state, b o ught a P a c k a r d a u t o m o b i l e u n der his
victim's name, and set h i m s e l f up in b u s i n e s s as partner.-of Ia
local r e s i d e n t , ;A f ter e s t a b l i s h i n g h i m s e l f in the c o m m u n i t y
under the a s s u m e d name, the forger s y s t e m a t i c a l l y r e d e e m e d the
stolen securities, v i c t i m i z i n g n e a r b y banks.
A f l i n g at his
old trade, burglary, t r a p p e d him.
L o c a l p o l i c e t r ailed the
culprit by tracks in the snow from a looted store, and a
sheriff's p o s s e f i n a l l y c a p tured h i m in an a b a n d o n e d cabin,
despite the fact that the cr i m i n a l h a d a
sizeable a r s e n a l a nd
t h r e atened to kill any officer
that came in a f ter him.
One i n g e nious c h e c k thief
early d e t e c t i o n by w r i t i n g his
sought to insure h i m s e l f a g a inst
v i c t i m as follows:
A few w o r d s to i n f o r m y o u that we h ad trouble
w i t h the m o n e y y o u was to r e c e i v e , we lost your
m o n e y somewhere but we dont k n o w w h e r e - N o w dont get
c o n f u s e d b e c a u s e it m a y take a w e e k or a. m o n t h or
y e a r or m a y b e more, so p l e a s e let us find it for you,
it m a y b b stolen or lost, or m a y b e destroy.
If y o u
w r i t e it w i l l take longer for us to find the i n f o r m a
tion.
T h i s ^ l e t t e r was lost and we ha d to send y o u
an o t h e r e n v e l o p e the other letter was t o r n and d i r t y . '
This letter comes from the T r e a s u r y D e p t . W . D . C . ”
# The strat e g y came to naught,
and d r e w a y e a r in prison.
for the forger was arrested,
One u n u s u a l a s s i g n m e n t of the Secret S e r v i c e d u r i n g the
year was the s a f e g u a r d i n g by agents of the 700 y e a r old L a 6o ck
A b b e y copy of the M a g n a C a r t a in transit f r o m N e w Y o r k to
Washington.
The famous document has b e e n l o aned b y the B r i t i s h
M u s e u m to the L i b r a r y of C o n g r e s s .
- *5 -
v
Two major cases involving traffic in marihuana fanned out of
New York City*
One of these was initiated with seizure there of a
trunk containing 30 pounds of the drug, and the arrest of two defendants*
The subsequent investigation disclosed an organization that obtained
.marihuana in Mexico, and distributed it by automobile and by air, or
else shipped it by rail to New York, Ohio, California, and Illinois.
Seven persons have been convicted in New York in this case, with one
principal, Fain D *Orsay, being given five years.
Arthur G. Zweier of El Paso, Texas, outwardly a respectable and
successful businessman, who helped masbeimind the enterprise, was given
two years and a $5*000 fine.
Other defendants were convicted at
El Paso and Laredo, Texas*
In the other case, an extremely difficult investigation identified
the source of marihuana reaching New York City in quantity as Paul
Tassone and his son Joseph J, Tassone.
They were arrested in Republic,
Pennsylvania, in the act of transferring 25 pounds of marihuana*
oOo
✓
4 “
and seizure of a quantity of the stolen morphine and a new automobile.
Three associates of Casablanca were arrested later.
Investigation of
various a^ects of this drug shipnent theft has given Federal, state and
local officers evidence concerning some sixteen safe burg^jjries, two
important receivers of stolen goods, one gunsmith furnishing anas to tte
underworld, and information concerning three homicides and several
armed robberies.
Another major case developed by the Bureau during 1946 involves
Andrew and Rocco DeGrazia and Sam Moreno, alleged to be major underworld
figures in the Chicago area.
The DeGrazias, among other things, are
alleged to have obtained narcotic drugs from a druggist under threat of
death.
One of the most spectacular investigations made by Narcotic officers
resulted late in the year in the arrest of Robert Linville at Phoenix,
Arizona, to face an indictment in the Southern District of California.
The charges involved delivery to an undercover ¿\arcotic# agent of twenty
cans of smoking opium, after the agent had spent months working his way
into the confidence of Linville and his associates.
linville, regarded as a major international trafficker in drugs,
posed as a successful business man and rancher.
*¿ 4*.
Seizures of marihuana during 1946 increased sharply with a total o:
22,000
ounces comparing with 9,500 in 1945.
Most of the contraband was
of Mexican origin, but Customs reported numerous seizures of Indian,
North African, and Turkish marihuana in foras not familiar in the United
States
V
A series of cases involving members of the gang, included:
¿Joseph Marcme, John StoppellJ., Harry Tantillo, and Alfred Crisouolo,
four leaders of the mob, sentenced to prison terms ranging from
eighteen months to three years*
Marone*s alleged successor in the business, John D. Ardito, and
seven others^arrested after a series of undercover purchases by a
rjarcoticjf agent^.
Seven automobiles allegedly used by the gang in
narcotics distribution were seized.
Joseph Gagliano, alias nPip the Blind,n Angelo Michael Loiacano
and Anthony Lucente,^indicted after a joint investigation conducted
by the Bureau of Narcotics, the New York County district attorney, and
New York City police.
The trio, considered one of the most Important
trafficking groups in the East, were charged with selling high grade
heroin believed made in a clandestine laboratory.
sedan was seized.
Gagliano*s Cadillac
He was held on a record $150,000 bond.
Charles Albero, alias Charlie BullMts, and two associates arrested
after a similar joint investigation involving the sale of heroin.
Records seized by the arresting officers indicated a $100,000 business
in illicit heroin within a period of six weeks.
Another important series of cases in New York City involved morphine
funnelled into the underworld from a half-million dollar wholesale drug
theft in Septanber, 1945.
Fourteen persons are under indictment, or
have been imprisoned in connection with narcotics involved in this theft.
The most spectacular case involved arrest of John Casablanca by)$arcotie
agents as he was about to board a plane at LaGuardia Field for Chicago,
•A
shiited sharply into peacetme lines, such as jewels, watches and
other luxury goods, as world travel expanded*
Emergency controls enforced by Customs were mostly removed during
the year, but the Bureau had to exercise continued vigilance to combat
exportation of automobiles in violation of controls still in effect.
ISpioal smuggling attempts
foiled ty customs included seizure of
123,000 worth of gold "buttons" found in the baggage of
a Canadian
travelers 16,003worth of Mexican gold seized at Miami, which had been
made into crude Jewelry in an attempt at deceptions and $19,000 worth
of diamonds and jewels seized at San Ysidro, California, which the
traveler had concealed in the .lining of his clothes.
Two crew numbers of a Netherlands vessel were arrested by Customs
officers at New York after they had attempted to smuggle in 435
diamonds valued at #32,000.
The largest seizure of smoking opium made in the United States
since 1939 was effected at the year end by Customs officers and cooperating
Narcotic/ agents.
The contraband, which weighed 80 pounds, was of
Mexican origin, and was seized in San Francisco and Vallejo, California.
Three Chinese,believed among the most important smugglers on the border,
were arrested,
other large seizures included 24 pounds of Iranian^
opium found aboard a British ship, and two, 23-pound seizures made on
the Mexican border, one at El Paso, and one at Douglas, Arizona.
Harry J. Anslinger, Commissioner of Narcotics, reported continued
successful operations against members of the so-called "lOVth Street
Mob," believed responsible for most of the illicit traffic in New York
City.
%R6r
>
ED P R E S S
T r e a s u r y age n c i e s r e p o r t e d t o d a y that a r r e s t s
traffickers
in i l l icit d r ugs
in
19 *1-6
of
i n c r e a s e d sh a r p l y as
a r e s u l t of a c o n t i n u i n g o f f e n s i v e ag a i n s t gangs o p e r a t i n g
in m a j o r U n i t e d states cities.
T h e r e was a d e c l i n e in c o n t r a b a n d drugs
i n Customs
both
o p e r a t i o n s at p o rts and b o r d e r s and in i n t e r n a l
o p e r a t i o n s by the B u r e a u o f N a r c o t i c s .
ounces,
seized,
c o m p a r e d to
10,900
The total was 6 , 6 0 0
ounces in I 9 A 5 .
O f f i c i a l s a t t r i b u t e d the d e c l i n e in p a r t to a shift in
s h i p p i n g f o l l o w i n g the end of h o s t i l i t i e s w h i c h i n t e r r u p t e d
" s u p p l y l i n e s ’' for the d ope trade.
o c c u r r e d w i t h the
A si m i l a r sharp d e c l i n e
sh i p p i n g i n t e r r u p t i o n f o l l o w i n g the outbreak
of w a r .
S u c c e s s f u l e n f o r c e m e n t o p e r a t i o n s a g a i n s t a n u m b e r of
major
i n t e r n a t i o n a l l y o p e r a t i n g gangs also f i g u r e d i n the
decline,
o f f i c i a l s belie v e .
some 3 > 000 a r r e s t s
in 19^6,
T h e y p o i n t e d to a total of
for n a r c o t i c and m a r i h u a n a la w v iolations
c o m p a r e d w i t h a r o u n d 2 , 2 0 0 in I 9 A 5 .
Wholesale
i n d i c t m e n t s a g a i n s t d r u g traf f i c k e r s w e r e o b t a i n e d in several
major
cities,
H o u ston,
i n c l u d i n g N e w York,
Washington,
Los Angeles,
a nd D a l l a s .
¥. R. Johnson,
C o m m i s s i o n e r of Customs,
S e c r e t a r y S n y d e r that the B u r e a u ' s
s m u g g l i n g other t h a n n a r c o t i c s
r e p o r t e d to
operations against
TREASURY DEPARTMENT
Washington
FOR RELEASE, A F T E R N O O N N E W S P APERS,
Monday, F e b r u a r y 3, 1947__________
Press Service
No. S-224
T r e a s u r y a g e n c i e s r e p o r t e d t o d a y that a r r e s t s of t r a f f i c k e r s
in illicit drugs in 1946 i n c r e a s e d s h a r p l y as a result of a
continuing of f e n s i v e a g a i n s t g a n g s o p e r ating i n ' m a j o r U n i t e d
States cities.
T h e r e Was a de c l i n e in c o n t r a b a n d drugs seized, b o t h in
Customs o p e r a t i o n s at ports a nd b o r d e r s a n d in internal o p e r
ations
b y the B u r e a u of N a r c otics.
The total was 6 , 6 0 0
ounces, c o m p a r e d to 10,900 ounces in 1 9 4 5 .
O f f icials a t t r i b u t e d the d e c l i n e in part to a shift in
shipping f o l l o w i n g the end. of h o s t i l i t i e s w h i c h i n t e r r u p t e d
"supply lines" for tie dope trade.
A similar sharp decline
occurred w i t h the shipping i n t e r r u p t i o n f o l l o w i n g the o u t
break of w a r .
%
Successful
e n f o r c e m e n t o p e r a t i o n s a g a i n s t a n u m b e r of
major i n t e r n a t i o n a l l y operating g a n g s also figured in the
decline, o f f i cials believe.
T h e y pointed to a total of some
3,000 a r r e s t s for n a r c o t i c and m a r i h u a n a law viol a t i o n s in
1946, c o m p a r e d w i t h a r o u n d 2 , 200 in 1945.
Wholesale i ndict
ments against drug t r a f f i c k e r s were obtained in several m a j o r
cities, i n c luding N e w York, W ashington, Los Angeles, Houston,
and D a l l a s .
W. R. Johnson, C o m m i s s i o n e r of Customs, reported to
Secretary Snyder that the B u r e a u ’s o perations a g a inst s m u g g l
ing other than n a r c o t i c s s h i fted s h a rply into p e a c e t i m e lines,
such as jewels, w a t c h e s a nd other l u x u r y goods, as world
travel expanded.
E m e r g e n c y con t r o l s enforced, by Cu s t o m s were m o s t l y removed
during the year, but the B u r e a u h ad to e x e rcise continued v i g i
lance to combat e x p o r t a t i i n of a u t o m o b i l e s in v i o l a t i o n o f
controls still in effect.
T y p i c a l smuggling a t t e m p t s f o i l e d b y C u s toms included
seizure of $ 23,000 w o r t h of gold "buttons" found in the b a g gage
of a C a n a d i a n traveler;
$ 6 ,000 w o r t h of M e x i c a n g o l d seized, at
Miami, w h i c h h a d been m a d e into crude j e w elry in an a t t e m p t at
deception; and $ 1 9 , 0f 0 w o r t h of d i a m o n d s and jewels seized, at
San Y s i dro, California, w h i c h the t r a v e l e r had c o n c ealed in the
lining of his clothes.
/
Two c r e w m e m b e r s of a N e t h e r l a n d s vessel were arrested
Customs of f i c e r s at N e w Y o r k a f t e r they h a d att e m p t e d to
smuggle in 435 d i a m o n d s v a l u e d at $ 3 2 ,000 .
by
The largest seizure of smoking opium m a d e in the U n i t e d
States since 1939 was e f f e c t e d at t h e ^ y e a r end b y C u s t o m s
officers a nd coop e r a t i n g N a r c o t i c agents.
The contraband,
which w e i g h e d 80 pounds,
was. of M e x i c a n origin, and was
seized in San F r a n c i s c o and V a l lejo, California.
T h ree
Chinese, b e l i e v e d among the m o s t im p o r t a n t smugglers on the
border, w ere
arrested.
O t h e r large seizures included 24
pounds of I r a nian o p i u m f o u n d a b oard a B r i t i s h ship, and two
23-pound seizures m a d e on the M e x i c a n border, one at El Paso,
and one at Douglas, Arizona.
H a r r y J. Ansl i n g e r , C o m m i s s i o n e r of N a r c otics, reported
continued successful ope r a t i o n s a g a inst m e m b e r s of the socalled "107th Street Mob", b e l i e v e d r e s p o n s i b l e for m o s t of
the illicit traffic in N e w Y o r k City.
A
series of cases i n v o l v i n g m e m b e r s
of the gang,
included:
J o s e p h Marone, John Stoppelli, H a r r y Tantillo, and
Alfred Criscuolo, f our leaders of the mob, sentended to p r i s o n
terms ra n g i n g f r o m e i g h t e e n m o n t h s to three years.
M a r o n e 's a l l e g e d suc c e s s o r in the business, John D.
Ardito, and seven others w ere a r r e s t e d a f t e r a series of
undercover p u r c h a s e s by a N a r c o t i c agent.
Seven a u t o m o b i l e s
allegedly use d by the gan g in n a r c o t i c s d i s t r i b u t i o n were
seized.
Jose p h G a g l iano, alias "Pip the Blind", A n g e l o Mi c h a e l
Loiacano and A n t h o n y Lucente, wer e i n d i c t e d a f t e r a joint i n
vestigation c o n d u c t e d b y the B u r e a u of Narcotics, the N e w Y o r k
County dis t r i c t attorney, and N e w Y o r k C i t y police.
The trio,
considered one of the m o s t imp o r t a n t t r a f f i c k i n g g r o u p s in the
East, w e r e c h a r g e d w i t h selling h i g h g r a d e h e r o i n be l i e v e d
made in a c l a n d e s t i n e laboratory.
G a g l i a n o ' s Cadil l a c sedan
was seized. He was h eld on a r e c o r d $ 1 5 0 , 0 0 0 bond.
Charles Albero, a l ias C h a rlie Bullets, a n d .two a s s o c i a t e s
were a r r e s t e d a f t e r a similar joint i n v e s t i g a t i o n in v o l v i n g the
sale of heroin.
R e c o r d s seized b y the a r r e s t i n g o f f i c e r s i n d i
cated a $ 100,000 b u s i n e s s in illicit h e r o i n w i t h i n a period of
six w e e k s .
A n o t h e r i m p o r t a n t series of cases in N e w Y o r k Cit y
involved m o r p h i n e f u n n e l l e d into the u n d e rworld f r o m a h a lfm i l l i o n d o l l a r w h o l e s a l e drug theft in S e p t e m b e r , 1945.
Fo u r t e e n p e r s o n s are u n der i n d i c t m e n t , or have b e e n i mprisoned
in c o n n e c t i o n w i t h n a r c o t i c s i n v o l v e d in this theft.
The m o s t
spectacular case i n v o l v e d arrest of J o h n C a s a b l a n c a b y N a r c o t i c
agents as he was about to b o ard a p l ane at L a G u a r d i a Field for
Chicago., and seizure of a q u a n t i t y of the stolen m o r p h i n e and a
im automobile. T h r e e a s s o c i a t e s of C a s a b l a n c a were arrested
later.
I n v e s t i g a t i o n of various a s p e c t s of this drug shipment
theft has g i v e n Fe d e r a l , state a n d local o f f icers ev i d e n c e c o n
cerning some sixteen safe burglaries, two i m p o r t a n t r e c e i v e r s
of stolen goods, one g u n s m i t h f u r n i s h i n g arms to the underworld,
and i n f o r m a t i o n c o n c e r n i n g three h o m i c i d e s and several armed
robberies
A n o t h e r m a j o r case d e v e l o p e d b y the B u r e a u during 1946 i n
volves
A n d r e w and Fbcoo DsGrazia and Sam Moreno, a l l eged to be
major u n d e r w o r l d f i g u r e s in the C h i c a g o area.
The DeG r a z i a s ,
among o t her things, are a l l e g e d to have obtained narcotic
drugs f r o m a d r u g g i s t under threat of death.
One of the m o s t s p e c t a c u l a r i n v e s t i g a t i o n s m a d e by
Narcotic of f i c e r s r e s u l t e d late in the yea r in the arrest of
Robert L i n v i l l e at Phoenix, Arizona, to face an i n d i c t m e n t in
the S o u t h e r n D i s t r i c t of California.
The charges involved
d e l ivery to an u n d e r c o v e r N a r c o t i c agent of t w e n t y cans of
smoking opium, after the agent h a d spent m o n t h s w o r k i n g his
way into the c o n f i d e n c e of L i n v i l l e and his associates.
Linville, r e g a r d e d as a m a j o r i n t e r n a t i o n a l t r a f f i c k e r
in drugs, p o s e d as a successful b u s i n e s s m a n and rancher.
He
has p l e a d e d guilty, and is aw a i t i n g sentence.
S e i zures of m a r i h u a n a during 1946 increased s h a r p l y w i t h
a total of 2 2 , 0 0 0 ounces c o m p a r i n g wit h 9*500 in 1945.
M o s t of
the c o n t r a b a n d was of M e x i c a n origin, but C u s toms re p o r t e d
numerous se i z u r e s of Indian, N o r t h African, and T u r k i s h m a r i
huana in f o rms not f a m i l i a r in the U n i t e d States.
Two m a j o r cases i n v o l v i n g traffic in m a r i h u a n a f a n n e d out
of N e w Y o r k City.
One of these was i n i t i a t e d w i t h seizure t h ere
of a trunk c o n t a i n i n g 30 p o unds of the drug, and the arre s t of
two d e f e n d a n t s .
The subsequent i n v e s t i g a t i o n d i s c l o s e d an
o r g a n i z a t i o n that o b t a i n e d m a r i h u a n a in Mexico, and d i s t r i b u t e d
it by a u t o m o b i l e a n d * b y air, or else shipped it b y rail to
N ew Y ork, Ohio, California, and Illinois.
Seven p e r s o n s hav e
been c o n v i c t e d in N e w Y o r k in this case, w i t h one p r i n c i p a l .
Fain D'Ors ay, b e i n g g i v e n fiv e years.
~A A r t h u r G. Z w e i e r of El Paso, T e x a s , o u t w a r d l y a r e s p e c t
able a n d successful busin e s s m a n , who h e l p e d m a s t e r m i n d the
enterprise, was g i v e n two y e a r s and a $ 5 , 0 0 0 fine.
Other d e
fendants were c o n v i c t e d at El Paso a nd Laredo, Texas.
In the other case, an e x t r e m e l y d i f f i c u l t i n v e s t i g a t i o n
i d e n tified the source of m a r i h u a n a r e a c h i n g N e w Y o r k C ity in
quantity as Paul T a s s o n e an d his son J o s e p h J. Tassone. T h e y
were a r r e s t e d in Republic, Penns y l v a n i a , in the act of t r a n s
ferring 25 pounds of m a r i h u a n a .
0O 0
|
v
MIEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
^
PLEASE FORWARD 10 COPIES TO ROOM U03, WILKINS BLDG,
*•%/
^^
preliminary data
white or Irish
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rcent filled as of
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v;
FOR IMMEDIATE RELEASE*
January 30, 19U7
-v
The Bureau of Customs announced today that preliminary data
indicate that the quota of 90,000,000 pounds of white or Irish
certified seed potatoes prescribed in Item 771, Schedule II of the
Canadian Trade Agreement was approximately 95 percent filled as of
January 25, 19U7.
TREASURY DEPARTMENT
"Washington
D O R I M M E D I A T E RELEASE,
Monday, J a n u a r y ^Q. ! Q t 7 .
Press S e r v i e #
N o . S-225
The B u r e a u of Customs a n n o u n c e d t o day that p r e l i m i n a r y
d a t a i n d i c a t e that the q u o t a of
9 0
,0 0 0 ,000 p o u n d s of white
or I r ish c e r t i f i e d seed p o t a t o e s p r e s c r i b e d
Sc h e d u l e
mately
95
in I t e m
771,
II of the C a n a d i a n T r ade A g r e e m e n t was a p p r o x i
p e r c e n t filled as of J a n u a r y
2 5 , 19 ^ 7 .
3
Preaidant of * Georgia iron foundry corporation, eentenced to two
years In prism for concoaXment of over $200,000 In profits»
Two Milwaukee brothers operating a steel casting cocpary, sentenced to
three years, and flee years iaprisoniaent, In a case involving nearly
15,000,000 in additional tares and penalties» A third brother was given a
suspended sentence for reasons of his health»
Curator of a Connecticut men's wear step and his accountant convicted of
evasion, with additional taxes and penalties of nearly $750,000»
A Texes liquor black market operator sentenced to eight years in prison
for evading nearly a million dollars in taxes« In Treasury records, this
sentence is second in severity only to the 12 years given A1 Capone for
income tax evasion*
Other successful tax fraud prosecutions involved a number of sight club,
liquor store, and gambling establishment operator»! farwersf physicians and
dentists, real estate operators, automobile dealers, hotel operators,
merchants, is fact representatives of nearly every trade, profession and
business»
oOo
-2
m m m
-
ranging fresa « few handred dollars, to severa! u&llions*
Anotber reterai© proteeting ageacy of thè Bureau* thè Alcohol fax Unit,
****** íy C a r r d l E* ìfealey, teaiaed up d t h Office of Prie* Adisinistratios
investigatore to m a h largo-scale diversians of sugar luto lllicit liquore«
As a rssult* statìstics indicateci a declina in aoonshining operations* thè firat
decline in mirerai years*
fhia sugar control program led to convietiaa of XS4 persona during 1946*
and suspensión of 872 merchante frosa dealing in sugar#
Pourteeu southern States contimsed to offer tìm eldef probi«® to saforceaent office»* accounting for soaethiag like 95 percent of stili and mash
seizures, and 88 percent of thè persona arrestad#
S t m s seised during 1946 totalled 6*277, caspared wlth 7*420 in 1945,*
while arresta sere 7*971* against 9*345#
fhs «dt continuad mopping up operatici* in connection wlth ita euccessful
1943-44 drive against thè sarti» liquor black aartoet* with 6? additioaal
eoavietioas being obtainsd during 1946#
thè Uhit also pbtained cantictions against principáis la half a dosen
large scale* illicit distilling conspimeies in New forte and New Jersey* with
aubstantial prison t e r » and f i n » being inposed m
s o » 30 persona#
Most spe ctacular of thè i n c o » tax fraudi cases closed during 1946* was
tlat involving a Bew forte chain restaurant operator and tvo associates* glten
p r i a » t e r » of ffoaa two to four years#
thè Treasuxy has taken steps to
eolleci s o » $9*000*000 in additional t a x » and pensiti» in this case*
a p i c a l fraud cases prosecutori during thè year indudedi
Proposed Faneas Release
Secietaxy Snydar mid today that during the 1946 calendar year, tie
_/A
treasury had recommended additional assessrsents of teases over and above
original returns of taxpayers totalling store then a billion and a half
dollars,
the total exceeded the 1945 figure fey #400,000,000.
this potential recovery of revets», resulting largely frost the Department's
drive against tax evaders, brought the total of such assessments in the
eighteen months of intensified enforcement activities to more than $2
In addition, some 150,000 taxpayers, through amended returns and
declarations,#«id in #200,000,000 in taxes ami civil penalties.
<
•
v & 1 . the
pdlcy Of the Bureau of Internal Revenue to accept settlement
without recommending criminal prosecution ix^cases #iere disclosures of a
truly voluntary nature are made.
Joseph B. Hunan, J*., Cosaaiaaianer of Internal Revenue, reported to
Secretary Snyder that the Intelligence U n it, beaded fey W* B. Woolf, had under
active investigation during the^year nearly 3,200 cases of apparent in ten tio n al
fraud, in many of which criminal prosecution has or will result.
Out of 171 individuals going to trial on criminal tax evasion charges
during the year, 167 were convicted, with the defendants drawing prison tame
of up to eight years, and paying a total of more than JaOf a million dollars
in fines.
Wr. Hunan reported as one outstanding development during 1946, the fact
that augmented Intelligence, Revenue Agent, and Collector
personnel
h#d
permitted careful investigation of many more returns in the loser and middle
income groups, with the result that civil or criminal, penalties were Imposed
upon representatives of all walks of life, involving taxes in individual
TREASURY DEPARTMENT
Washington
FOR R E L E A S E A F T E R N O O N NEWSPAPERS
Tuesday, F e b r u a r y 4, 1947
Press Service
No. S-226
S e c r e t a r y S n yder said, t o day that during the 1946 calendar
year, the T r e a s u r y had r e c o m m e n d e d a d d i t i o n a l a s s e s s m e n t s of
taxes over and above original r e t u r n s of t a x p ayers totalling
more than p, b i l l i o n and a half dollars.
The total exceeded
the 194p f i g u r e by $400,000,000.
This pot e n t i a l r e c o v e r y of revenue, r e s u l t i n g l a r g e l y
from the D e p a r t m e n t ’s drive against tax evaders, b r ought the
total of such a s s e s s m e n t s in the e i g h t e e n m o n t h s o f ' i n t e n s i
fied e n f o r c e m e n t a c t i v i t i e s to m o r e than $2 billion.
In addition, some 1 5 0 , 0 0 0 taxpayers, t h r ough amended
returns and d e c l a r ations, paid in $ 200 , 000,000 in taxes and
civil penalties.
It is the p o l i c y of the B u r e a u of Interna]
Revenue to a c cept settlement w i t hout r e c o m m e n d i n g criminal
.prosecution in such cases w h e r e d i s c l o s u r e s of a t r u l y v o l u n
tary n a t u r e are m a d e .
J o s e p h D. Nunan, Jr., Commissioner, of Internal R e v e n u e
reported to S e c r e t a r y Snyder that the I n t e l l i g e n c e Unit,
h e a d e d - b y V, H. Woolf, h a d u n der active i n v e s t i g a t i o n during
e calendar y e a r n e a r l y 3*200 cases of a p p arent I n t e n t i o n a l
iraua, m m a n y of w h i c h criminal p r o s e c u t i o n has or will
result.
-*-71
evasion charges
with the d e f e n d a n t s
years, and paying a
in lines
Mr.
i n d i v i d u a l s g o i n g to. trial on criminal
d u r i n g the year, 167 were convicted,
d r a wing p r i s o n terms of up to eight
total of m o r e than hal f a m i l l i o n dollars
’ ■KiySgSpf
Nunan reported
one outs t a n d i n g d e v e l o o m e n t during
ifrnt a u g m e n t e d I n telligence, R e v e n u e A g e n t
. ^ H e c t o r pe r s o n n e l "had p e r m i t t e d careful I n v e s t i g a t i o n
d W W i mor® ret”
s ln the lower and m i d d l e i n c o m e g r o u p s
with the result that civil or criminal p e n a l t i e s were imposed
n
S , l e p r f e n t a t l v e s °S ® U
walks of
involving
lvidual cases r a n ging f r o m a f e w hundred d o l l a r s
several m i l l i o n s .
taxes, in
to
‘
2
A n o t h e r r e v enue p r o t e c t i n g a g e n c y of the Bureau, the
Al c o h o l T a x Unit, headed, h y C a r roll E. Mealey, teamed up
with the Office of Price A d m i n i s t r a t i o n i n v e s t i g a t o r s to
smash l a r g e - s c a l e d i v e r s i o n s of sugar into illicit liquors.
As a result, s t a t istics i n d i c a t e d a de c l i n e in m o o n s h i n i n g
operations, the first d e c line in several years.
Thi s sugar control p r o g r a m led to c o n v i c t i o n of 184
p e rsons during 1946, and s u s p e n s i o n of 872 m e r c h a n t s f r o m
dealing in sugar.
F o u r t e e n southern states c o n t inued to offer the chief
p r o b l e m to e n f o r c e m e n t officers, a c c o u n t i n g for something
like 95 percent of still and m a s h seizures, and 88 percent
of the pe r s o n s arrested.
Stills seized during
7.>420 in 1945; w h i l e arre
1946 t o t alled
sts yere 7,971
6,277, compared w i t h
a g a inst 9,345.
The Unit c o n t i n u e d m o p p i n g up o p e r a t i o n s in c o n n e c t i o n
with its successful 1943-44 drive against the w a r t i m e liquor
b l a c k ma r k e t , w i t h 67 a d d i t i o n a l c o n v i c t i o n s being obtained
during 1946.
The U n i t also obtained c o n v i c t i o n s a g a i n s t p r i n c i p a l s
in h alf a d o z e n large scale , illicit d i s t i l l i n g c o n s p i r a c i e s
in N e w Y o r k and N e w Jersey, w i t h s ubstantial p r i s o n terms
and f i nes being i m p o s e d on some 30 persons.
M o s t s p e c t a c u l a r of the i n come tax fraud cases closed
during 1946, was that,, inv o l v i n g a N e w Y o r k chain r e s t a u r a n t
operator a nd two associates, g i v e n p r i s o n terms of f r o m two
to four years.
T he T r e a s u r y has t a ken steps to c o llect
some $ 6 ,000,000 in a d d i t i o n a l taxes and p e n a l t i e s in this
case.
T y p ical f r a u d cases prose ute d during
the y ear included !
P r e s i d e n t of a G e o r g i a iron f o u n d r y corporation, s e n
tenced to 'two years in p r i s o n for c o n c e a l m e n t of over*
$ 200,000 in profits.
Two M i l w a u k e e b r o t h e r s ope r a t i n g a steel «casting c o m p a n y
sentenced to t hree.years, and five years i m p r i s o m m e n t , i n a
case i n v o lving n e a r l y $ 5 ,000,000 i n addi tional taxes and
penalties.
A t h ird b r o t h e r was g i v e n a suspended s e n t e n c e
for r e a s o n s of his health.
I p e r a t o r of a C o n n e c t i c u t m e n ' s wear shop and his
acc o u n t a n t c o n v i c t e d of evasion, w i t h a d d i t i o n a l taxes and
p e n a l t i e s of n e a r l y $ 7 5 0 ,000 .
A Texas liquor b l a c k m a r k e t ope r a t o r sentenced to eight
years in p r i s o n f o r evading n e a r l y a m i l l i o n d o llars in
taxes.
In T r e a s u r y records, this sentence is second in
severity only to the 12 years g i v e n A1 Capone for income tax
evasion.
Other s uccessful tax fraud pros e c u t i o n s involved a number of n i g h t club, liquor stor e, and g a m b l i n g e s t a b l i s h m e n t
operators, farmers, p h y s icians and dentists, real estate
operators, a u t o m o b i l e dealers, hotel operators, m e r c h a n t s ,
in fact r e p r e s e n t a t i v e s of n e a r l y e v e r y trade, p r o f e s s i o n
and business.
0O 0
WHEN THIS RELEASE HAS BEEN MIMEOGRAPHED PLEASE SEND
10 COPIES TO ROOM i|03, WILKINS BLDG.
t
It w i l l take t he
c o m m i s s i o n two days to c o m p l e t e its
wor'k. F r o m its membership,
com m i t t e e s on counting,
weighing
a n d a s s a y i n g w i l l h e n a m e d to s u p e rvise the v a r i o u s procedures*
Count of the e n t i r e
contents
of the p y x b o x w i l l be
c h e c k e d b y t h e committee- on counting.
this year
at the
Envelopes
in the b o x
contain a t o t a l of 215*356 silver coins,
r ate cf one
accumula'tCdv
specimen coin f r o m e a c h lot of 2,000
minted^
*
Sample coins w i l l b e r e m o v e d f r o m the envelopes,
sample w e i g h e d on d e l i c a t e b a l a n c e s ,
and each
u s ing s t a n d a r d w e i g h t s
w h i c h h ave b e e n c a l i b r a t e d for the o c c a s i o n by the B u r e a u of
Standards.
Sp e c i m e n coins w i l l t h e n b e
turned o ver to the assayers,
f o r the u s u a l c h e m i c a l tests to d e t e r m i n e the f i n eness of
their
s i l v e r content.
A n u m b e r of coins f r o m each of t h e three M i n t s __
Philadelphia,
D e n v e r a n d San F r a n c i s c o — — t h e n will be m e l t e d
t o g e t h e r a n d the silver m a s s assavod.
U n d e r 179 2 l a w s e t t i n g u p the c o m m i s s i o n as an annu a l
body,
it w a s p r o v i d e d
that a n y min t o f f i c e r
or employe
f o u n d to h a v e d e b a s e d coins w i t h f r a u d u l e n t i n t e n t s h ould
b e put to
lighter —
death.
a fine or i m p r i s o n m e n t .
The p e n a l t y n o w is
After
completing the various
steps of the
coin tests,
the A s s # y C o m m i s s i o n w i l l p r e p a r e
its report*
Members
r e c e i v e no p a y f o r their service,
b ut t h e i r e x p e n s e s are
d e f r a y e d a n d e ach m e m b e r re c e i v e s a b r o n z e m e d a l
struck
to c o m m e m o r a t e the event.
The
«pyx«,
« t r i a l of the coins«
or coi n chest
is of E n g l i s h tradition.
in w h i c h the
samples are kept,
The
is
so s t yled be c a u s e a r e c e p t a c l e f o r sample B r i t i s h c o i n s was
once kept
in the Chapel of the P y x in W e s t m i n s t e r Abbey?
London. -
The P h i l a d e l p h i a c e r e m o n y w i l l test 194 6 cutek
production
value
which totaled
430,700,395 pieces
w i t h a total
of $ 60,994,597 . 50 . M a k i n g u p the t o tal were
3-7*993*100 r e g u l a r h a l f dollars;
h a l f dollars;
dimes.
silver coin
1,£>00,995 c o m m e m o r a t i v e
6 6 , 7 1 2 , 8 0 0 q u a r t e r dollars,
and 344,193,500
Û3 lcr
"pyx" b o x w i l l be o p e n e d f o r the Hint B u r e a u 1s
The
1 5 5 t h a n n u a l "trial of the coins"
at the P h i l a d e l p h i a Mint
F e b r u a r y 1 2 . C o n d u c t i n g the t r i a l w i l l be 13 m e m b e r s of
the A n n u a l A s s a y C o m m i s s i o n just a p p o i n t e d b y P r e s i d e n t
xhe t r i a l is to d e t e r m i n e "whether
Truman.
c o ins p r o d u c e d b y the
v a r i o u s M i n t s d u r i n g 19^6 w e r e of p r o p e r w e i g h t a n d fineness.
It is c o n d u c t e d in a c c o r d a n c e w i t h p r o v i s i o n s o f l a w first
l a i d d o w n in I 792 at t h e
s u g g e s t i o n of A l e x a n d e r Hamilton,
first S e c r e t a r y of t h e Treasury.
Nellie
Tayloe Ross,
D i r e c t o r o f the Mint,
will formally
c o n v e n e the c o m m i s s i o n the m o r n i n g of F e b r u a r y 12. P r e s e n t by
a p p o i n t m e n t of P r e s i d e n t T r u m a n w i l l be J o h n J% Pittman,
chief c h e m i s t of the E a s t m a n K o d a k .Co., Rochester,
J. M c K e n n y Willis,
Easton,
Jr.,
N.Y. ;
p r e s i d e n t E a s t o n N a t i o n a l Bank,
M d . ; E d w a r d L. W e i k e r t , J r . , G e t t y s b u r g , P a . ;
William
H. K i r k w o o d , S r . , B a l t i m o r e ; J o s e p h T. Higgins,, N e w Y o r k
City;
J o s e p h Love,
Washington;
N e w Y o r k City;
T h e o d o r e Hammer,
Mrs.
G r ace R ^ p ^ r Bohn,
librarian American Numismatic
A s s n . , M a r i n ette,Wis. ; Dr. R a l e i g h Gilchrist,. B u r e a u of
Standards,
Washington;
Mrs.
Three o t h e r m e m b e r s
s t a t u t o r y designation.
W ashington;
New York
T. McGranery,
T h e y are J u d g e W i l l i a m H.
Court
P r e ston Delano,
for E a s t e r n Pennsylvania,
C o m p t r o l l e r of the Currency,
J o s e p h Buford, A s s a y e r of the
City.
Philadelphia.
serve on the c o m m i s s i o n b y
K i r k p a t r i c k of the D i s t r i c t
Philadelphia;
James
U.S. A s s a y Office,
TREASURY DEPARTMENT
Washington
FOR R E L E A S E M O R N I N G NEWSPAPERS,
Saturday, F e b r u a r y 1, 1947*
Press Service
No. S-227
The "pyx" b o x w i l l be o p e n e d for the M i n t B u r e a u ’s 1 5 5th
annual "trial of the c o i n s '5 at the P h i l a d e l p h i a M i n t F e b r u a r y 12.
Con d u c t i n g the trial w i l l be 13 m e m b e r s of the A n n u a l A s s a y
C o m m i s s i o n just a p p o i n t e d by P r e s i d e n t Truman.
The trial Is to d e t e r m i n e w h e t h e r coins p r o d u c e d b y the
various M i n t s d u r i n g 1946 were of p r o p e r w e i g h t a nd f i n e n e s s .
It is c o n d u c t e d in a c c o r d a n c e w i t h p r o v i s i o n s of law first
laid d o w n in 1792 at the s u g g e s t i o n of A l e x a n d e r Hamilton, first
S e c r etary of the Treasury.
N e l l i e Tayl o e Ross, D i r e c t o r of the Mint, w i l l f o r m a l l y
convene the c o m m i s s i o n the m o r n i n g of F e b r u a r y 12.
P r e s e n t by
appointment of P r e s i d e n t T r u m a n w i l l be J o h n J. Pittman, chief
chemist of the E a s t m a n K o d a k Co., Rochester, N e w York;
J. M c K e n n y Willis, Jr., p r e s i d e n t E a s t o n N a t i o n a l Bank, Easton,
Maryland; E d w a r d L. Weikert, Jr., Gettysburg, Penns y l v a n i a ;
W i l l i a m H. Kirkwood, Sr., B a l t imore; J o s e p h T. Higgins, N e w
Y o r k City; J o s e p h Love, N e w Y o r k City; Mrs. G r ace R o p e r Bohn,
Washington; T h e o d o r e Hammer, l i b r a r i a n A m e r i c a n N u m i s m a t i c
Association, Marinette, W i s c o n s i n ; Dr. R a l e i g h Gilchrist, B u r e a u
of 'Standards, W " s h i n g t o n ; Mrs. James T. McGranery, P h i l a d e l p h i a .
T h ree other m e m b e r s serve on the c o m m i s s i o n by s t a t u t o r y
designation.
T h e y are Judge W i l l i a m H. K i r k p a t r i c k of the
D i s trict Court for E a s t e r n Penns y l v a n i a , Phila d e l p h i a ; P r e s t o n
Delano, C o m p t r o l l e r of the Currency, W a s h i n g t o n ; J o s e p h Buford,
Assayer of the U. S. A s s a y Office, N e w Y o r k City.
It w i l l take the c o m m i s s i o n two days to co m p l e t e its work.
F r o m Its m e m b e r s h i p , c o m m ittees on counting, w e i g h i n g and
a s s a y i n g w i l l be n a m e d to s u p e rvise the various p r o c e d u r e s .
Count of the entire contents of the p y x b o x w i l l be c h e c k e d
by the com m i t t e e on counting.
E n v e l o p e s in the b o x this y e a r
contain a total of 2 15 ,3 5 6 silver coins, a c c u m u l a t e d d u r i n g 1946
at the rat e ef one s p e c i m e n c oin fro m eac h lot of 2,000 m i n t e d .
Sample coins wil l be r e m o v e d from the envelopes, and e a c h
sample w e i g h e d on d e l i c a t e balances, u s i n g s t a n d a r d we i g h t s
w h i c h h ave b e e n c a l i b r a t e d for the o c c a s i o n by the B u r e a u of
Standards.
S p e c i m e n coins w i l l the n be t u r n e d over to the assayers,
for the u s ual che m i c a l tests to d e t e r m i n e the f i n eness of their
silver content.
2
A n u m b e r of coins f r o m each of the three M i n t s -P hiladelphia, D e n v e r and San F r a n c i s c o -- then will be m e l t e d
together and the silver m a s s assayed.
U n d e r 1792 law setting uo the c o m m i s s i o n as an annual
body, it was p r o v i d e d that a n y m i n t o f f i c e r or e m o l o y e e found
to hav e d e b a s e d coins w i t h f r a u d u l e n t intent should be put to
death.
The p e n a l t y n o w is l i g hter - ,a fin e or imprisonment.
A f t e r c o m p l e t i n g the various steps of the coin
tests,
the Assay C o m m i s s i o n will prepare its report.
M e m b e r s re-'
ceive no p a y f o r their service, but their e x p e n s e s are
defrayed a n d each m e m b e r r e c e i v e s a b r o n z e medal' struck to
c o m m e m o r a t e the event.
„
„ ^ e ’ trial of the c o l n s ?' is of E n g l i s h tradition.
T he
p y x ’ , or coin c h est in w h i c h the samples are kept, is so
styled b e c a u s e a r e c e p t a c l e .for sample B r i t i s h coins was
once kept in the Chape_L of the P y x in W e s t m i n s t e r / b b e v
London.
The P h i l a d e l p h i a c e r e m o n y will test 1946 silver coin
p r o d u c t i o n w h i c h to t a l e d 4 3 0 , 7 0 0 , 3 9 5 pieces w i t h a total value
or
$60,994,597.50.
M a k i n g up the total w ere 1 7 ,995,100 regular hal
half
f dollars:'
1 ,800,995 c o m m e m o r a t i v e h alf dollars;
66,712,
qu a r t e r .dollars, and 3 4 4 , 193,500 d imes
0O0
DIVISION OF PUBLIC RELATIONS
Assignment sheet.
Title _
Release da^ e -- 1/ 31/47
71« la aganihga ratag
_____
Press Service No.
,
S-2&
Bldg •
dist ►
Mailing
list
No# copies
to be sent
(
)
Special messenger . . * . . . . . .
65
66
(
)
Genexax •'# '#>••• « « . . .
60
70
TAC (
)
Trade Agreement Commodities # « . .
22
15S
CFQ (
)
Coffee quotas ¡* * > . . .
22
136
CQ
(
)
Cotton quotas •
22
135
IQ
(
)
Vsfheat quotas
22
115
BUL (
)
Treasury monthly Bulletin . # , . .
p
(
)
Finance •
167
540
NM
(
)
Net Market transactions . , . . . .
1-42
207
T
X
)
Taxes • # . • • . . . . . . • « . # . #
167
600
DLI (
)
Debt limitation « . . . . . . -* .. * ; ;i
151
325
SF
(
)
Stabilization fundi . . . . . .
r . *
174
551
B
(
) Weekly bill offering. *
.
150
178
Bills & Bonds other than weekly . ,
1$6
275
Ö
B&B ( ' )
FE
NE
(
(
(
;
. . . . . . . . . . .
) Financial Editors . . . . . .
) News Editors
) Speech list . * . . . . . . .
PUBLIC RELATIONS, Room
4416
.^
1,367
!
676
469
*
J ^
.
—
1,575
.
186
. .
260
— «*
Press room . . . .
26
OWÎ . .
Building distribution
I
7/ 1/45
[V.-
^^6
)
TREASURY DEPARTMENT
Washington
FOR I M M E D I A T E RELEASE.
F r i d a y , J a n u a r y 31, 19*17.
Press Se r v i c e
No. S-228
The T r e a s u r y D e p a r t m e n t a n n o u n c e d t o d a y that h e r e a f t e r
the U. S. G o v e r n m e n t w i l l r e c e i v e a n e f f e c t i v e r ate of e x
change for its e x p e n d i t u r e s w h i c h is as f a v o r a b l e as that
available to I t a l i a n exporters.
For the p e r i o d J a n u a r y 27,
19^7 to F e b r u a r y 28, 194? a rate of a p p r o x i m a t e l y 378 lire^
to the d o l l a r w ill be applied, to the o f f i c i a l e x p e n d i t u r e s of
all U.^S. ag e n c i e s in Italy i n c l u d i n g the p e r s o n a l e x p e n d i t u r e s
of m i l i t a r y and c i v i l i a n pers o n n e l .
The a d j u s t m e n t of the
previous rat e of 225 lire to the dollar, w h i c h h a d b e e n a p p l i e d
to U. S. G o v e r n m e n t e x p e n d i t u r e s since F e b r u a r y 1946, r e s u l t e d
from n e g o t i a t i o n s b e t w e e n the I t a l i a n G o v e r n m e n t a nd the U . S .
Treasury, State and W a r D e p a r t m e n t s .
The n e w r ate for U. S. G o v e r n m e n t a l e x p e n d i t u r e s of
a p p r o x i m a t e l y 378 lire to the d o l l a r is c a l c u l a t e d b y a v e r a g i n g
the o f f i c i a l rate for c o m m e r c i a l t r a n s a c t i o n s of 225 lire to
the dollar and the free m a r k e t rate for dollars.
This rate
will be r e v i e w e d each m o n t h and a p p r o p r i a t e a d j u s t m e n t s will
be ma.de to b r i n g it into line w i t h the e f f e c t i v e export rate
p r e v a i l i n g in Italy.
TREASURE BBPAHTM1KT
Washington
ftm RELEASE, MORNING HEWSPAI^RS,
Tuesday, February lu 19U7.
Pr®»® Sanloa
The Secretary of the Treasury announced last evening that the tenders for
$1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated February 6 and to
mature May 8, 19U7# which were offered on January 31, 19U7# were opened at the Federal
Reserve Banks on February 3*
The details of this issue are as followst
Total applied for - #1,723,00^,000
Total accepted
- 1,309,87k,000 (Includes #22,769,000 entered on a fixed-price
basis at 99*90$ and accepted In full)
Average price
- 99*90$/ Equivalent rate of discount approx, 0*376# per annua
Range of accepted competitive bidet
High
Low
- 99*906 Equivalent rate of discount approx* 0*372# per annum
- 99.90$
«
* •
*
0.376# *
■
(7$ percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
Mew fork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louie
Minneapolis
Kansas City
Dallas
San Francisco
t
*,695,000
1,3*1,82*,000
16,155,000
6,592,000
u,650,000
8,165,000
265,253,000
3,230,000
6,725,000
8,735,000
11,795,000
*5,185,000 .
I
3,570,000
1,012,891»,000
12,*05,000
5,3*2,000
*,275,000
8,165,000
200,103,000
2,880,000
5,225,000
7,930,000
9,920,000
37f185,000
|1,723,00k,000
11,309,87*.000
TOTAL
TREASURY DEPARTMENT
Washington
F O R RE L E A S E , M O R N I N G N E W S P A P E R S ,
Tuesday, F e b r u a r y 4, 1947_______
Press S e r vice
No. S-229
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that
the t e nders f or $ 1 , 3 0 0 , 0 0 0 , 0 0 0 , or thereabouts, of 9 1 -¿ay
T r e a s u r y b i lls to be d a t e d F e b r u a r y 6 and to m a t u r e M a y 8,
1947* w h i c h were o f f e r e d on J a n u a r y 31, 1947* were opened
at
the F e d e r a l R e s e r v e B a n k s on F e b r u a r y 3.
T he d e t a i l s
of this issue are as follows:
Total a p p l i e d for
Total a c c e p t e d
Average price
- $1,723*004,000
- 1 , 3 0 9 * 8 7 4 , 0 0 0 (includes $ 2 2 , 7 6 9 * 0 0 0 entered
on a f i x e d - p r i c e b a s i s at
9 9 . 9 0 9 a n d a c c e p t e d in full)
- 99.905-/- Equiv* rat e of d i s c o u n t approx. 0.376$
per a n num
R a n g e of a c c e p t e d c o m p e t i t i v e bids:
High - 9 9 . 9 0 6 Equiv,
Low
- 99.905
”
(75 p e r c e n t
rate of d i s c o u n t approx.
"
"
M
”,
0. 3 7 2$ p e r a n n u m
0.376$
”
of the a m ount b i d f or at the l o w p r i c e was a c c e p t e d )
Total
Accepted
Total
A p p l i e d for
F e d eral R e s e r v e
District
Boston
New Yo r k
Philadelphia
Cleveland
Richmond
Atlanta
Ch i c a g o
St. L o u i s
Minneapolis
Kansas City
Dallas
San F r a n c i s c o
$
TOTAL
4 ,695,000
1,341,824,000
16,155,000
6,592,000
4,650,000
8,165*000
265,253,000
3*230,000
6,725,000
8,735,000
11,795*000
45 ,185,000
$1,723,004,000
0O 0
$
3 ,570,000
1,012,894,000
12,405,000
5,342,000
• 4,275,000
8 ,165,000
200,103*000
2 ,880,000
5,225,000
7 ,910,000
9>920,000
37 ,185,000
$ 1 ,309,874,000
atomic
fully
the
w ill
efforts
of
the D e p a r t m e n t o f S t a t e
représentâtives In
attainment of
a
support
an e x p a n d i n g r e t u r n o f m i n e r a l
discovery
of
ana u pon
recovery.
m u s t ao
its
The F e d e r a l
part
i am s u r e
industry
to
w ill
that
realizing
no room f o r
iso lation ist
the m i n i n g
devote
I know t h a t
Gover nment
to meet t h i s n e e d . " '
the u t m o s t a l o n g
nest,
i mp r o v e d m e t h o d s
Its
energies
these
lines.
the p e o p l e o f the
that
t h e r e can be
a r e t u r n to an
sentiment
in this age
I
%*A *
0
tne S t a t e
S ci. i d i
j
the Un i o n ,
of
jv
®I n o u r r e s P on s i t) i
.
p r o mot e the g e n e r a l
we have a l w a y s
people,
the n a t u r a l
They a r e
e...l
resources
must a d v i s e
of our c o u n t ry .
o f our
t he c o n g r e s s
tnat
oecomir
ig a^ h a v e - n o t ^
a
s to many of o u r m i n e r a l s .
Tne e c o n o m i c p r o g r e s s
security
I
the
to c o n s i d e r
t he f o u n d a t i o n
are r a p i a l i
nation
w elfare of
and the
of o u r c o u n t r y
depend upon
HH
'■
I
i
B
I
tog
8 %1
|*i .so
m IS
s 1 1y
w f #
•L
J«f§
tM
d no t
rs of
s tney
11^..
i iftpose
I d ' s
ft
f£11 I»
'•«IHW'
s ,
w.
m
rr
D a t t e r i n g ram d i d
destroy
much ot' n a t u r e ' s
Even ©ir own
o'
it
states
a
u
great arain
e
not
wealth.
’I
did
not c o n s t i
upon t he b i n e r a i
sti I I
undeveloped n a tio n .
, a torpedo
But the p r o d u c t io n
our mines
record of
in w a r t i m e s u g g e s t s s t i I I
an othe r chs I Ienge.
T w i c e within a generation we
have been compelled to engage in
wars for survival on such scales that
we have had to mawe serious
into our natural resources.
inroads
Another
such conflict would carry us toward
further impoverishment.
have mg.de g r e a t
conversion
industry
striaes
to p e a c e .
had
many o t h e r s ,
its
in
The m i n i n g
problems,
IS4p,
of most p r o d u c t s
outlook continues
in o u r
in
as did
the c a s e
of
the m i n e s ,
v
’
bright,
however,
ana the a c c u m u l a t e d n e e d s f o r
aha a u t o m o b i l e s ,
the
homes
and many o t h e r
gooas holds
p r o m i s e of c o n t i n u e d
h i g h demand
if
"naro
we can b u t m a i n t a i n
i n a u s t r i a I peace.
we nave the same
sk
i II
of
r i a t t r ia I s ,
Manpower w i t h n e w l y a c q u i r e d
skills
%*
Indus t r y
ill
m e a s u r e up
to t h i s
resyonsibili
- 27 " D ur i n g , the star* we have
increased
our national output 75 percent and
we nave aone it with 12 million of our
strongest ana youngest men and women
in the armed forces.
We have built
entire cities; we have expanded our
total plant almost 50 percent; made
enormous strides in scientific
development.
No goal we have
undertaken in the great struggle we
nave passed through has been too
JP
-
Ther e
necessity
converting
is
for
to
¿fo
-
a challenge
in t h e
assim ilating,
the f u l l e s t
and
possible
peacetime
usage,
w a r t ime ^techno l o g i c a l
advances,
and o u r c a p a c i t y
to p r o d u c e .
Al umi num and m a g n e s i u m may be c i t e d
as examples.
inoustry,
a stake
N o t on I y the m i n i n g
but our e n t i r e
in the f u t u r e
productive
capacity
people
of o u r huge
for
these metals.
i n one o f my r e p o r t s
President
u irector,
wh i l e
have
t o t he
I was R e c o n v e r s i o n
25
Petals so id
2%
in
on of ali oy stee is.
U-
is not neces
c ite
for
m e
to
proauction records for ail
meta Is required 0/ industry.
pi cture
the same throughput
is t.
There is c
a
u
se for much
m
w
ication in this record.
tn
e
re is a
mining fraternity, and to
nati on
to the
2 4
/ b ¿ o , u ü ü /tons a
d
Production of
e of
i 935-39
lead d u r i n
same war per i oo a v e r a g e d 4 4 5 , 0 0 0
t ons,
c o mp a r e d w i t h the p r e w a r 3 9 0 , 0 0 0 .
Zinc production was 719,
aga i n s t
tons
000 .
Average p ro d u c tio n
of v i t a l
|
mol ybdenum a l m o s t d o u b l e d bet ween the
two p e r i o o s ,
tnan t r i p l e d .
ano t h a t o f
v a n a d i u m more
I understand
that
Co ior acid i s the l e a d i n g p r o d u c e r
of
sought to
your
ac n i e vente
#
i
%
t o t ne « i n m g
*9*
ub
industry
Loáis.
industry
m
But
the
it
i
I
/
c r e a i t mu s t go.
Let us
Despite
the m i l l i o n
19 4 5 ,
proauction
some
f
t on
fie* c o p p e r p r o d u c e d
domesti
of
look at t h i s
0
o r e iSL
¿ 7 5 , QO 0 t on s
-JÉ
war per 1Q 0 9 1 94
d
f r om
u a 1 average
the f i v e - y e a r
compared w i t h
-
proauction
vItai
of
cc
less
-
valuable
or® s *
Trie wa r t i me p r o d u c t i o n
of
t he m i n i n g
the f a c e o f
materials
as
b u t more
industry
labor,
shortages
was made
machine,
and
industry.
T n r o u &h the payment
essential
subsidies
production of ce rtain
minerals,
in
p e r h a p s as g r a v e
t h o s e f a c e d by any
marginal
record
ana
through
for
-
21
-
stoppages,
f r om manpwer and o t h e r
shortages,
has s t r i v e n
m ightily
in
more r e c e n t m o n t h s to s u d d I y what
in
/
mo s t
lines
demand f o r
For
mining
is
still
an
peacetime goods.
those segments o f
industry
metals,
s i l v e r , t he war y e a r s
divert
the
concerned p r i m a r i l y
* i th the p r e c i o u s
difficult
insatiable
gold
and
were p a r t i c u l a r l y
o n e s a s we were f o r c e d
l a b o r and e q u i p m e n t to the
to
I have s a i d
World
that
t he S e c o n d
i’tr was t o a v e r y v i t a l e x t e n t
a war o f m i n e r a l s .
Aar M o b i l i z a t i o n
As D i r e c t o r
of
and Reco n v e r s i o n ,
I came to a p p r e c i a t e mos t v i v i d l y
t he a c c o m p l i shment s of
industry
in a t t a i n i n g
the m i n i n g
t he p r o d u c t i o n
demanded by t he c o n f l i c t .
| Know that the industry in
the face of difficulties from worn
in p l a n t s
for
the p r o d u c t i o n
of
s I u ft i hum a n o magnes i urn.
This
its
silver
now i s
being given
" h o n o r a b l e d i s c h a r g e ” and d u r i n g
t he c o m i n g mo n t h s w i l l
nos i<e to
the Tre a s u r y
WOf "se f o r
be c o mi n g
vau I t s .
none t n
i t s wa r s e r v i e e *
1t seems s i n g u 1ar 1 y a p p r o p r l at e
t hi i t t h i s
accum u 1a t e û we a 1t h f r o m
th€ i n a t i o n ’ s mi n é s c o u l d
i n t he emer g enc y,
of
still
be d e v o t e d ,
t o t h e p r o d u c t 1on
other mineral
wealth
for
role
as a r e s e r v e
while p la y in g
its
behind our c u r r e n c y
vital
part
in
t h e o u t p u t o f war m a t e r i a l s .
Nearly
of s i l v e r
half
is
Department,
conductors
plant
of
l o a n t o t he Aar
used
as e l e c t r i c a l
in the atomic
is
in t he c u s t o d y
the R e c o n s t r u c t i o n
and. was u s e d
bomb p r o j e c t
Tennessee.
O f f i c e of Defense P l a n t s ,
of
30,000 tons
on
a t Qa* f r i dg e ,
remainder
this
of
wh i c h
The
t he
i s pert
Finance Coroorati
in a s i m i l a r
capacity
•'4^§
resources,
-1
there
1 7
T-
i s no more f a n t a s t i c
a c c o m p I i shment
t h a n t h a t ah i ch sa» th
vast
Tr ea^ur y- , owned s i l v e r
s to r e s of
bullion
enlisted
special
n o n - c o n s u m o t i ve r o l e s
industrial
for
this
a substitute
silver,
i n heavy
a p p r o v e d by the
more t h a n 3 0 , 0 0 0 t o n s o f
silver
copper.
in
production.
Under p r o c e d u r e s
Congress,
the d u r a t i o n
»ent
into
war p l a n t s as
for c r i t i c a l l y
Much o f
this
scarce
was ^ m o n e t i z e d ’*
wh i c h c o n t i n u e d
to p l a y
its
-
1 6 -
to foreign governments, and silver sold
for inoustrial ana monetary use.
At
the present time the Treasury ho las
about 1,700,000,000 ounces of silver,
including that which has been on
"war auty".
Tnis war to an extent never
before seen in history, has been a
war of metals, a war of mineral
resources.
Against the backdrop of
our achievement in mobilizing these
tne a la p r i c e ,
at
less
t ha n
P r e s e n t go I d h o l d i n g s
20,000
tons,
with
I
*
$4, bd=W=rüT*i.
are n e a r l y
a monetary
v a l u e of
$20,500,000,000.
In 1331, the Mints held about
560 tons of silver.
They received
f r o m t h a t d a t e up t o t he
than
95,000 t o n s . - t h a t *is.
n e a r l y t hr ee
*****
pillion
ounces.
we have d i s b u r s e d
of
p r e s e n t more
silver,
During
period
about 38,000
principally
o f new s i l v e r
this
coins,
tons
in the form
silver
I end- leased
the
t r a d e under
physical
I ¡censes,
handling
t r a n s a c t ions
of
and t he
InternationaI
i n bu I I I on
I i K e w l s e ha
been a r e s p o n s i b I I i t y o f
the T r e a s u
and t he M i n t .
in
little
1931,
t he M i n t s h e l d a
over 6,000
tons
of g o l d ,
va I
of g i g a n t i c
proDor t i o n s .
translation
of
base ores
the n e a t l y
wealth,
ingots
g o l d at F o r t Knox,
e l s e w h e r e and o f
West P o i n t
f rom t
of your mines
stored
The
into
of
at Denver,
silver
a t the
and o t h e r D e p o s i t o r
Executive
of
t he
and C o n g r e s s i o n a ! a c t s
w
>
13 0 * s h a s been,
perhaps,
a p re c io u s metals
operation
a magnitude never
a t t e m p t e d by
any n a t i o n
in h i s t o r y .
The a c q u i s i t i o n ,
processing,
storage
of
handling,
accounting
of t h i s
bullion
for,
and
wealth
o f o u r s h a s been a p h y s i c a l
tasK
- it The T r e a s u r y
another
function
Bureau of
through
the M i n t ,
c o mmu n i t y o f
mining
Department has
its
which h as
interest
w i t h the
industry.
The a c q u i s i t i o n
Treasury of gold
by t h e
and s i i v e r
from
|ggg
d o m e s t i c and f o r e i g n
our m on e ta ry r e s e r v e s
sources
under
for
t he
During
t he
five
t he D e n v e r p l a n t
half
dollars,
3 00 m i l l i o n
TO m i l l i o n
billion
and a h a l f
140
and n e a r l y
a
I i K e n e s s e s of
on t h e one c e n t p i e c e .
The t o t a l
coins,
quarters,
t en c e n t p i e c e s ,
5 cent c o i n s ,
those years
1942-46,
t u r n e d out 44 m i l l i o n
m illion
M r. Lincoln
years,
produced here
for
was a l m o s t two b i l l i o n
weighing 7,500 tons,
more t h a n $ 9 0 , 0 0 0 , 0 0 0 .
I i Ke to
b u s i Iy
coins
#
8
-
Philippines,
-
and V e n e z u e l a .
Mr, M o s e s S m i t h ,
Superintendent of
establishment,
t he
our D e n v e r M i n t
tells
me
e x p a n s i o n p r o g r a m now u n d e r
way h e r e
is|s:
t h e t h i r d made n e c e s s a r y
by t he demand
for coinage that started
with
the
defense-war program
f r om s i x
col
t h e n f r om t e n t o
fourteen.
new wi n g u n d e r c o n s t r u c t i o n
completed,
wé s h a l l
is
i n c r e a s e to
7
There
to
i s no p a r a l l e l
a n y wh e r e
in history
this.
During
the p a s t d e c a d e ,
the
m i n t s made t h r e e b i l l i o n more c o i n s
than were s t r u C K
in a l l
o f the p r e v i o u s
143 y e a r s o f t h e i r h i s t o r y .
We made n e a r l y
'i
8ilf|
coins,
| i'
billion
’ | | |, |
on a c o s t
basis,
governments d u rin g
Here at Denver
four
for
foreign
the y e a r s
1942-46.
we made c o i n s
f o r such
c o u n t r i es as A u s t r a l i a ,
Ecuador,
t h e N e t h e r l a n d s and c o l o n i e s ,
the
-
*
i h a v e no w i s h to b u r d e n you
with s t a t i s t i c s ,
may f i n d
I t h i n K you
some d e t a i l s
production
Our M i n t
but
in r e c e n t
Director,
of
ye a rs of
Nellie
whom many o f you w i l l
the
former Governor of
g i v e n me some q u i t e
our c o i n a g e
Tay loe Ross,
recall
also
have,
nearly
as
Wyomi ng, h a s
amazing
figures.
The t h r e e c o i n a g e M i n t s ,
Philadelphia,
interest.
at
D e n v e r and San F r a n c i s c o ,
in t he p a s t
five
eléven b i l l i o n
years,
struCK
domestic coins.
- 5 insatiable
expansion.
demands of o u r i n d u s t r i a l
The T r e a s u r y h a s
developed w ith in
a big
its
organization
business clo se ly
t he m i n i n g
industry.
related
i refer
our U n i t e d S t a t e s M i n t ,
has done a p r o d i g i o u s
war to p r o v i d e
by our
which
to
itself
j ob d u r i n g
the
t he c o i n a g e demanded
ex p a n d ing b u s i n e s s .
p r o u d o f t he r e c o r d o f
we s h a r e w i t h you?
and p e r f e c t i o n
to
t he M i n t ,
pride
of o u r
$e a r e
and
i n t he beauty
coins.
4
of
y our m o u n t a i n s
and n e r v e s t r e a m s
into
of
c o n t r i bute m i g h t i l y
vigor
of
t he b l o o d
the n a t i o n ,
to
the h e a l t h
and
t he w h o l e .
Not t h e
l e a s t of
these resources
upon w h i c h the n a t i o n
draws
spirit,
and c o u r a g e ,
the
strength,
is
the
and b r o a d o u t I o o k of y o u r p e o p l e .
The p r o g r e s s
made i n r e c e n t
and the m i n i n g
still
t h a t you h a v e
years
is
industry,
tremendous,
now so b i g
Keeps g r o w i n g w i t h the
D i v i d e c o u n t r y as the
the g e o g r a p h i c
United States
of
bacxbone o f
fraroeworx o f o u r
--
a tough s t r u c t u r e
bone and s i n e w t h a t
holds
the
E a s t and t h e West t o g e t h e r .
No one t o d a y woul d a s s i g n
Mountain S t a t e s
role
only.
such a s x e l e t a l
to the
static
You h a v e grown d y n a mi c
in y o u r own r i g h t ,
through
your
phenomena I a e v e I o p m e n t < b o t h
industrial
and a g r i c u I t u r a I ; t he w e a l t h o f
down the
y o ur
si ones
c o n t r i but i on to s u r
speedy c o n v e r s i o n
to a prosperous p e a c e t i m e economy.
I am happy
as well,
of d i s c u s s i n g
p h a s e s of
interest
t o h a v e t he c h a n c e ,
Treasury
to y o u r
same t i me to
w i t h you some
operations
industry,
learn
of
and a t the
f r om you s o m e t h i n g ofl
y o u r p r o b l e m s and y o u r
future plans.
I h a v e a l w a y s had a c o n c e p t i o n . . . . !
perhaps c a r r i e d
days - -
over
f r om s c h o o l
of t he g r e a t C o n t i n e n t a l
An Address by the Secretary of the Treasury
Prepared for Delivery before ttB Colorado
Mining Association at Denver,
February 8, 1947.
It
was w i t h g e n u i n e p l e a s u r e
I accepted
the
invitation
the C o l o r a d o M i n i n g
because
g i v e s me the o p p o r t u n i t y ,
"well
of
done**
played
winning
opportunity
too<
for
it
a s an
the Go v e r n me n t ,
to s a y
t he m a g n i f i c e n t p a r t
by t he m i n i n g
of
to a d d r e s s
Association.
1 welcome t he o c c a s i o n
official
t hat
t he war.
industry
It
in the
affords
an
to e x p r e s s a p p r e c i a t i o n ,
of the m i n i n g
industry’s
TREASURY DEPARTMENT
Washington
(The f o l l o w i n g a d d r e s s b y S e c r e t a r y S n y d e r befo r e
a d i n n e r m e e t i n g of the C o l o r a d o M i n i n g A s s o c i a t i o n ,
at tfie S h i r l e y - S a v o y Hotel, D e n ver, Colorado, is
s c h e d u l e d f o r d e l i v e r y at 7 : 3 0 P >M . . M o u n t a i n S t a n
d a r d T i m e , Saturday, F e b r u a r y 8 1947, a n d is f o r
r e l e a s e at that time»)
It w as w i t h g e n u i n e p l e a s u r e that I a c c e p t e d the i n v i t a t i o n
to address the C o l o r a d o M i n i n g A s s o c i a t i o n *
I w e l c o m e the
occasion b e c a u s e it g i v e s m e the oppor t u n i t y , as an o f f icial of
the G o v e r n m e n t , to say "well done" f o r the m a g n i f i c e n t part
played b y the m i n i n g i n d u s t r y in the w i n n i n g of the war.
It
affords a n o p p o r t u n i t y to e x p r e s s a p p r e c i a t i o n , tod, of the
mining i n d u s t r y * s c o n t r i b u t i o n to our s p e e d y c o n v e r s i o n to a
prosperous p e a c e t i m e economy.
I
am h a p p y to h a v e the chance, as well, of d i s c u s s i n g w i t h
you some p h a s e s of T r e a s u r y o p e r a t i o n s
of i n t e r e s t to y o u r i n
dustry, a n d at the same time to l e a r n f r o m y o u something of y o u r
problems a n d
y o u r f u t u r e plans.
I
have always had a conception
p e r h a p s c a r r i e d over
from school d ays - of the g r e a t C o n t i n e n t a l D i v i d e c o u n t r y as
the b a c k b o n e of the g e o g r a p h i c f r a m e w o r k of our U n i t e d States,
av tough structure of bone an d s i n e w that h o l d s the E a s t and
the V e s t together.
No one t o d a y w o u l d a s s i g n to the M o u n t a i n S t a t e s such a
skeletal static role only.
Y o u h a v e g r o w n d y n a m i c in you r o wn
r i g h t ,t h r o u g h y o u r p h e n o m e n a l d e v e l o p m e n t , b o t h I n d u s t r i a l a n d
agricultural; the w e a l t h of y d u r r e s o urces, f l o w i n g d o w n the
slopes of y o u r m o u n t a i n s into the b l o o d a n d n e r v e streams of
the n a t i o n , c o n t r i b u t e m i g h t i l y to the h e a l t h a nd v i g o r of the
whole,
Not the l e ast of these r e s o u r c e s u p o n w h i c h the n a t i o n
draws is the spirit, the strength, a nd courage, a n d b r o a d o u t
look of y o u r people.
The p r o g r e s s that y o u h a v e m a d e in r e c e n t y e a r s is t r e m e n
dous, and the m i n i n g Industry, n o w so b i g > still k e e p s g r o w i n g
with the i n s a t i a b l e d e m a n d s of our i n d u s t r i a l e xpansion.
T he
T r e a s u r y h a s d e v e l o p e d w i t h i n Its o r g a n i z a t i o n
a big business
closely r e l a t e d to the m i n i n g industry,
I r e f e r to our U n i t e d
States Mint, w h i c h i t s e l f h a s done a p r o d i g i o u s job d u r i n g the
war to p r o v i d e the coinage d e m a n d e d b y our e x p a n d i n g b u s iness.
S-230
2
We. are p r o u d of the r e c o r d of the Mint, and we share w i t h y o u
pride in the b e a u t y a nd p e r f e c t i o n of our coins.
I have n o w i s h to b u r d e n y o u w i t h statistics, but I t h i n k
you m a y f i n d some d e t a i l s of our c o inage p r o d u c t i o n in recent
years of interest.
Our M i n t Director, N e l l i e T a y l o e Ross,
whom m a n y of y o u will recall
a lso as the f o r m e r G o v e r n o r of
Wyoming, h as g i v e n m e some quite a m a z i n g figures,
T h e three coinage Mints, at P h i l a d e l p h i a , D e n v e r and
San F r a n c i s c o , have, in the pas t five years, struck n e a r l y
eleven b i l l i o n do m e s t i c coins.
T h e r e is n o p a r a l l e l a n y w h e r e
in h i s t o r y to this.
D u r i n g the past decade, the m i n t s m a d e three b i l l i o n m o r e
coins tha n were s t ruck in all of the p r e v i o u s 143 y e a r s of
their history.
W e m a d e n e a r l y fou r b i l l i o n coins, on a cost basis, f or
foreign g o v e r n m e n t s d u r i n g the y e a r s 1942-46.
Here at D e n v e r
we m a d e coins f or such c o u n t r i e s as A u s t r a l i a , E c u ador, the
N e t h e r l a n d s a nd colonies, the ‘Phil i p p i n e s , and Vene z u e l a .
Mr. M o s e s Smith, the S u p e r i n t e n d e n t of our D e n v e r Mint
establishment, tells m e that the e x p a n s i o n p r o g r a m n o w u n d e r
way h e r e is the t h ird m a d e n e c e s s a r y b y the d e m a n d f o r c o i n
age that started w i t h the d e f e n s e - w a r pr o g r a m .
W e h a d to
jump f r o m six coinage p r e s s e s to ten, and the n f r o m ten to
fourteen.
W h e n the n e w win g u n d e r c o n s t r u c t i o n is completed,
we shall i n c r e a s e to t w e n t y p r e s s e s . , Here, I should like to
pay a w o r d of t r i bute t o the late S u p e r i n t e n d e n t M a r k Skinner,
who o p e r a t e d the p l a n t so e f f i c i e n t l y d u r i n g the e x p a n s i o n
period of the e a r l y war years.
T he D e n v e r M i n t has, since 1906, b e e n b u s i l y t u r n i n g a
substantial share of the m e t a l l i c w e a l t h of the W e s t into the
coins that spark our n a t i o n ’s business.
D u r i n g the f ive years, 1942-46, the D e n v e r p l a n t t u r n e d
out 44 m i l l i o n h a l f dollars, 70 m i l l i o n quarters, 300 m i l l i o n
ten cent pieces, 140 m i l l i o n 5 cent coins, a n d n e a r l y a b i l l i o n
and a h a l f l i k e n e s s e s of Mr. L i n c o l n on the one cent piece.
The total p r o d u c e d h e r e f o r those y e a r s w as a l m o s t two
b i l lion coins, w e i g h i n g 7*500 tons, a n d w o r t h m o r e than
$90 ,000 ,000 .
The T r e a s u r y D e p a r t m e n t h a s a n o t h e r f u n c t i o n t h r o u g h i t s
B u r e a u of the Mint, w h i c h h a s c o m m u n i t y of inter e s t w i t h t h e
m i n i n g industry.
3
T he a c q u i s i t i o n b y the T r e a s u r y
domestic a n d f o r e i g n sources f or our
the E x e c u t i v e and C o n g r e s s i o n a l act s
perhaps, a p r e c i o u s m e t a l s o p e r a t i o n
tempted b y a n y n a t i o n in history.
of g o l d and silver f r o m
monetary reserves under
of the » B O ’s h a s been,
of a m a g n i t u d e n e v e r a t
T he a c q u i sition, han d l i n g , proc e s s i n g , a c c o u n t i n g for,
and storage of this b u l l i o n w e a l t h of ours ha s b e e n a p h y s i
cal t a s k of g i g a n t i c p r o p o r t i o n s .
T he t r a n s l a t i o n of vealth,
from the base ores of y o u r m i n e s into the n e a t l y s t o r e d
ingots of g o l d at F o r t Knox, at Denver, and e l s e w h e r e and of
silver at the W e s t P o int a n d other D e p o s i t o r i e s , ha s b e e n
one of the tasks
a s s i g n e d to the Treasury.
The r e l e a s e of these m e t a l s to the trade u n d e r licenses,
and the p h y s i c a l h a n d l i n g of i n t e r n a t i o n a l t r a n s a c t i o n s in
bullion lik e w i s e has b e e n a r e s p o n s i b i l i t y of the T r e a s u r y
and the Mint.
In 1931, the M i n t s h e l d a little over 6 , 0 0 0 tons of gold,
valued
at the ol d price, at less t han $ 4 , 0 0 0 , 0 0 0 , 0 0 0 . P r e s e n t
gold h o l d i n g s are nestnly 20,000 tons, w i t h a m o n e t a r y value of
$20,500,000,000.
In 1931* the M i n t s h e l d about 560 tons of silver.
They
received f r o m that date up to the p r e s e n t m o r e than 95,000
tons - that is, n e a r l y three b i l l i o n ounces.
D u r i n g this
period we h a v e d i s b u r s e d a b out 38,000 tons of silver, p r i n c i
pally in the f o r m of n e w silver coins, silver l e n d - l e a s e d to
foreign g o v e r n m e n t s , a nd silver sold f or i n d u s t r i a l a nd
m o n e t a r y use.
A t the p r e s e n t time the T r e a s u r y h o l d s a b out
1 , 7 0 0 ,000,000 ounces of silver, i n c l u d i n g that w h i c h has
been on "war d u t y " .
Thi s w ar to an e x t e n t n e v e r b e f o r e seen in history, h a s
been a w ar o f me t a l s , a w ar of m i n e r a l .resources.
Against
the b a c k d r o p of our a c h i e v e m e n t in m o b i l i z i n g these r e s o u r c e s ,
there is no m o r e f a n t a s t i c a c c o m p l i s h m e n t t h a n that w h i c h s aw
the vast stores of T r e a s u r y - o w n e d silver b u l l i o n e n l i s t e d f o r
the d u r a t i o n in special n o n - c o n s u m p t i v e r o les in h e a v y i n d u s
trial p r o d u c t i o n .
U n d e r p r o c e d u r e s a p p r o v e d b y the Congress, m o r e than
30,000 tons of this silver went i n t o ‘war p l a n t s as a s u b s t l c r i t i c a l l y scarce copper.
M u c h of this was " m o n e
tized" silver, w h i c h c o n t i n u e d to p l a y its role as a r e s e r v e
behind our c u r r e n c y w h i l e p l a y i n g its vital part in the
output of w ar M a t e r i a l s .
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N e a r l y h a l f of this 30,000 tons of s i lver is on loan to
the W a r Depa r t m e n t , u s e d as e l e c t r i c a l c o n d u c t o r s in the atomic
bomb p r o j e c t p l a n t at O a k Ridge, T e n n essee.
The r e m a i n d e r is
in the c u s t o d y of the Office of D e f e n s e Plants, w h i c h is part
of the R e c o n s t r u c t i o n F i n a n c e Corp o r a t i o n , a n d was u s e d in a
similar c a p a c i t y in p l a n t s f o r the p r o d u c t i o n of a l u m i n u m and
magnesium.
T h i s silver n o w is b e i n g g i v e n its " h o n orable dis c h a r g e "
and during the coming m o n t h s will be coming h o m e to the
Treasury vaults, n one the w o rse f o r its wa r service.
It seems s i n g u l a r l y a p p r o p r i a t e that this a c c u m u l a t e d
wealth f r o m the n a t i o n ’s m i n e s c o uld be devoted, in the e m e r
gency, to the p r o d u c t i o n of still other m i n e r a l w e a l t h for
the d e f e n s e of the nation.
I h av e said that the S e c o n d W o r l d W a r was to a v e r y vital
extent, a w ar of m i n e r a l s .
A s D i r e c t o r of W a r M o b i l i z a t i o n
and R e c o n v e r s i o n , I came to a p p r e c i a t e m o s t v i v i d l y the a c c o m
plishments of the m i n i n g i n d u s t r y in a t t a i n i n g the p r o d u c t i o n
demanded b y the conflict.
I k n o w that the i n d u s t r y in the face of d i f f i c u l t i e s
from w o r k stoppages, f r o m m a n p o w e r a nd other shortages, h as
striven m i g h t i l y in m o r e r e c e n t m o n t h s to s u p p l y what in
most lines is still an i n s a t i a b l e d e m a n d fo r p e a c e t i m e goods.
F o r those segments of the m i n i n g i n d u s t r y c o n c e r n e d p r i
m a r i l y w i t h the p r e c i o u s m e t a l s , g o l d a n d silver, the war
years were p a r t i c u l a r l y d i f f i c u l t ones as we were f o r c e d to
divert l a b o r a nd e q u i p m e n t to the p r o d u c t i o n of less v a l u a b l e
but m o r e vital ores.
The w a r t i m e p r o d u c t i o n r e c o r d of the m i n i n g i n d u s t r y was
made in the fac e of labor, m a c h i n e , a n d m a t e r i a l s shortages
perhaps as g r a v e as those f a c e d b y a n y Industry.
T h r o u g h the
payment of s u b s i d i e s for m a r g i n a l p r o d u c t i o n of c e r t a i n e s s e n
tial m i n e r a l s , a nd t h r o u g h c h a n n e l i n g of m a n p o w e r , a nd in
every other w a y possible, the G o v e r n m e n t s o u g h t to aid y o u r
industry in the a c h i e v e m e n t of its goals.
B u t it i s to the
mining i n d u s t r y i t s e l f that the cred i t m u s t go.
Let us l o o k
at this p r o d u c t i o n record.
D e s p i t e some l e v e l l i n g off f r o m the m i l l i o n ton y e a r s of
1942 an d 1943, n e w copp e r p r o d u c e d f r o m d o m e s t i c ores set an
annual a v e r a g e of 9 7 5 , 0 0 0 tons f or the f i v e - y e a r w a r period,
1941-45, c o m p a r e d w i t h 62 5 , 0 0 0 tons a v e r a g e ' o f '1935-39.
P r o d u c t i o n of lead d u r i n g the same w ar p e r i o d a v e r a g e d
445,000 tons, c o m p a r e d w i t h the p r e w a r 390,000.
Zinc p r o d u c
tion w as 7 1 9 , 0 0 0 tons, a g a i n s t 564,000.
A v e r a g e p r o d u c t i o n of vital m o l y b d e n u m a l m o s t doubled
b e t ween the two periods, a nd that of v a n a d i u m m o r e than
tripled.
I u n d e r s t a n d that C o l o r a d o is the l e a d i n g p r o d u c e r
of these two m e t a l s so i m p o r t a n t in the p r o d u c t i o n of a l l o y
steels.
It is n o t n e c e s s a r y for m e to cite the p r o d u c t i o n
records
for all the m e t a l s r e q u i r e d b y industry.
Th e p i c t u r e is m u c h
the same t h r o u g h o u t the list*
T h e r e is cause for m u c h g r a t i f i c a t i o n in this record.
But there is a lso a c h a l l e n g e to the m i n i n g frat e r n i t y , and
to the nation*
T h e r e is a c h a l l e n g e in the n e c e s s i t y f or a s s i m i l a t i n g ,
and c o n v e r t i n g to the f u l l e s t p o s s i b l e p e a c e t i m e usage, w a r
time t e c h n o l o g i c a l advances, and our c a p a c i t y to produce.
A l u m i n u m a nd m a g n e s i u m m a y be cited as examples.
Wot only
the m i n i n g industry, but our entire p e o p l e h a v e a Stake in
the f u t u r e of our h u g e p r o d u c t i v e c a p a c i t y for these m e t a l s .
In o n e of m y r e p o r t s to the P r e s i d e n t w h i l e I was
R e c o n v e r s i o n Dir e c t o r , I said:
"During the W a r we h a v e i n c r e a s e d oUr n a t i o n a l output
75 p e r c e n t a n d we h a v e done it w i t h 12 m i l l i o n of our s t r o ngest
and y o u n g e s t m e n a nd w o m e n in the a r m e d forces.
We have built
entire cities; we h a v e e x p a n d e d our total p l a n t a l m o s t 50 p e r
cent; m a d e e n o r m o u s strides in scientific d e v e l o p m e n t .
W o goal
we have u n d e r t a k e n in the g r e a t struggle we h a v e p a s s e d t h r o u g h
has b e e n too g r e a t for our u n i t e d strength.
’To a t t a i n our p e a c e t i m e goal of full e m p l o y m e n t we h ave
the same n a t i o n a l a s s e t s a v a i l a b l e - the p l a n t and equipment,
the skill of m a n a g e m e n t , uhe w e a l t h of r a w materials,'1 and,
above all, the m a n p o w e r w i t h n e w l y a c q u i r e d skills a n d k n o w
ledge.’
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I am sure the m i n i n g i n d u s t r y will m e a s u r e up to this
r e s p o n s i b i l i t y in peace, just as it did in war, ,W e have m a d e
great strides in our c o n v e r s i o n to peace.
The mining industry
had its problems, as did m a n y others, in 19^6.
I n the case of
most p r o d u c t s of the mines, the o u t l o o k c o n t i n u e s bright, h o w
ever, a nd the a c c u m u l a t e d n e e d s for h o m e s and a u t o m o b i l e s , and
m a n y o t her " h a r d ” g o o d s h o l d s p r o m i s e of c o n t i n u e d h i g h d e m a n d
if we can but m a i n t a i n i n d u s t r i a l p e a c e .
gests
B u t the p r o d u c t i o n r e c o r d of our m i n e s in w a r t i m e
still a n o t h e r challenge.
sug
T w i c e w i t h i n a g e n e r a t i o n we h a v e b e e n c o m p e l l e d to
engage in war s for survival on such scales that we hav e h a d
to m ake serious i n r oads i nto our na t u r a l resources. A n o t h e r
such co n f l i c t w o u l d c a r r y us t o w a r d f u r t h e r i m p o v e r i s h m e n t .
The r e c u r r i n g wars of p r e v i o u s g e n e r a t i o n s , c o s t l y as
they wer e i n h u m a n terms, d id n ot impose a n y severe d r a i n
upon the w o r l d ’s p h y s i c a l assets.
T he spear, th^ b o w and
arrow, the b a t t e r i n g r a m d i d n ot d e s t r o y m u c h of n a t u r e ’s
wealth.
E v e n our o wn g r e a t b l o o d y conflict b e t w e e n the
States d i d n ot c o n s t i t u t e a ny g r e a t d r a i n u p o n the m i n e r a l
deposits of the still l a r g e l y u n d e v e l o p e d nation.
But, a
torpedo e x p l o d i n g a g a i n s t the hull of an e n e m y batt l e s h i p ,
consumes r e s o u r c e s that can n e v e r be recovered.
And, it is
fearsome to c o n t e m p l a t e the extent to w h i c h the t r e m e n d o u s
p r o d u c t i o n of our m i n e s d u ring the r e c e n t c o n f l i c t has d e
plet e d our n a t u r a l i'esources.
P r e s i d e n t T r u m a n c a l l e d a t t e n t i o n to our p r o b l e m in his
report to the C o n g r e s s last m o n t h on the State of the Union,
when he said:
"In our r e s p o n s i b i l i t y to p r o m o t e the g e n e r a l w e l f a r e of
the people, we have a l w a y s to c o n s i d e r the na t u r a l r e s o u r c e s
of our country.
T h e y are the f o u n d a t i o n of our life..,.
I
must advi s e the C o n g r e s s that we are r a p i d l y b e c o m i n g a ’h a v e n o t ’ n a t i o n as to m a n y of our mi n e r a l s .
The economic progress
and the s e c u r i t y of our c o u n t r y d e p e n d u p o n an e x p a n d i n g r e t u r n
of m i n e r a l d i s c o v e r y and u p o n i m p r o v e d m e t h o d s of r e c o v e r y . The
Federal G o v e r n m e n t m u s t do its part to m e e t this n e e d . w
I am sure that the m i n i n g i n d u s t r y will d e v o t e its
energies to the u t m o s t along these lines.
I ¡ m o w that the p e o p l e of the W e st, r e a l i z i n g that there
can be no r o o m for a r e t u r n to an i s o l a t i o n i s t s e n timent in
this age of the a t omic bomb, will support f u l l y the e f f o r t s of
our Pre s i d e n t , the D e p a r t m e n t of State, a nd our r e p r e s e n t a t i v e s
in the U n i t e d N a t i o n s Organ i z a t i o n , t o w a r d the a t t a i n m e n t of ’a
lasting w o r l d peace.
oOo
Treasury Chambers,
P
London, February 4th, 3.947
My dear Hr* Snyder*
Thank you for your latter of January 97th
about our Agreement of September 17th, 1949, with
Argentina* I «a glad you hare written frankly to mef
X t» replying in the sane spirit, being no less
anxious than yourself to maintain and develop the
most close and friendly relations between our two
countries*
In your letter, yen ask me for an assurance
that, in future agreements about sterling balanoes,
we have no intention of inoludi&g such a clause as
Olause X B (6) of the Anglo-Argentine Agreement* X
an happy to give you this assurance*
X also noto that, if and when there is
reasonable probability that Argentina would incur
a current deficit with respect to the Sterling Area,
the 3hlted States (Joverument would expect the Halted
Kingdom to make appropriate adjustments with the
Argentine Government, so that no discrimination at
▼Wl*ao* with iho Xl.a/ujC. HWntUi Agreamsnt would
in faot arise* X can readily assure you that it
would always bo our desire to avoid such discrimination,
though X feel bound to say ones more that X think that
this Is a theoretical but net a practical contingency*
Tours sincerely,
(Signed) HUGH BALTOH
The Honorable John V* Snyder,
Secretary of the Treasury,
1SASHIIQT0H, f* G*
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T ' 7^
'T V
" ' 5'” i
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7
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‘~
7»,
»I *
will appreciate also the diffioultiea which. must arise if future
agreements iavolving settleaenta of aooumul&ted Sterling halaneea
should ooirtain provisions similar in latent to that of »lause t
1(6) of tho Anglo-Argentine Agreement* X would therefore welcome
stateiaent fron you indicating that your Government ha« no
Intention of including such a olause in future agreeanents«
Ifcy X also point out that if and when there in reasonable prob«
ability that Argentlua will inour a current deficit with respeot to
tho sterling area, thia Government would expect tho United ringd«» to
Wiko appropriate adjustsaents with tho Ar gentine Government, so that
»e disorimination at vari&nce with the United States-Ünited Eingdoa
Financial Agreement would, in fast, arise«
X har» spoken frankly beeause of »y fear that inotaneos of
thia kind, if pemitted to reeur, m y make more dlffieult tho rsaintenanoo and further development of thooo eXooo and frleadly relatien«
OhifO between our to» oountries whieh, X m eure, both of uo wish to
foater*
Sinoorely youra,
(Signed) JDH1V« flKiWCOH
Seoretary of tho Treasury
light Honorable Hugh Dalton
Chancellor of tho Ixehofuor
Treasury Chambers
London, gngland
Sfcr dear Mr. Daltoni
X hare road with great interest and ears year letter of
December 17# 1946, In response to my letter of October 51, 1946,
with reference to the agreement signed by the Qormrxmmim of the
Edited Kingdom and Argentina on September 17, 1946« I am pleased
to hare assurance of year understandlug that Section 10(11} of
the Financial Agreement of December S, 1945, presides that one
year after the effective date of the agreement any sterling bal**
snees released will be freely available for current transactions
in any currency area,
Say I now advert to two points in your letter which give me
especial concern.
Tea suggest, first, that *it is net possible to separate the
teims of any agreement..,In this difficult field from the drew*»
stances of the negotiation!, or the facts of the trade with the
country (oomoerned)#* 1 assure you that 1 appreciate fully the
difficulties Involved in ths negotiation of the starling balance
settlements. These difficulties cannot, however, be regarded as
justifying commitments which contravene the terms of the Financial
Agreement. Otherwise, as I am sura you will agree, the entire
agreement could be rendered meaningless.
Secondly, you point cut that In the past Argentina has regu~
iarly been a large net earner of sterling end that the probability
of a deficit between Argentina and the sterling area during the
neaefe four years is hypothetical. Tew letter suggests, aecerdingly,
that the Inclusion of Clause I 8(6} in the Angle*Argeixtlne Agree*
ment has little practical significance, ghile this a*y prove to be
the case, thie argument overlooks the fact that Clause X 8(6) itself
may furnish an tsmn&lve to Argentina to incur a payments deficit
vis-a-vis the sterling area. Moreover, X most confess that X sa
unabl# to reconcile with the spirit of the Ehlted States~Dhited
Hagdem Agreement any commitment which under certain contingencies,
even though remote, might require action at variance with the Agree*
ment*
"* '
-'"vwi
m the light of the not inconsiderable resistance that bad to
be overcome before we obtained Congressional ratification of tho
Financial Agreement, X think you oan realise our concern over this
matter and the importance ee must attach to ths fulfillment of the
obligations undertaken therein by your Government. X am sure you
Treasury Ohambera
Great George Street
8«V* 1, London, Bnglanà
17th Decomber, 1946
% dear &>, Snyder,
Tour lettor of October Slot atout thè Agreement eigned between
thè Government of thè United Kìngdom «ad Argentina on September 17th 1946
*ae delivered to me pereoimlly by a member of thè American Bmbaeey in
London, on November 27th«
1
beve «end it oarefully. 1 agre# with yeu that Seotion 10(11} ef
tì» Financial Agreement of Deoeaber 6th 1946, provides that, a year
after th© effeetlve date of thè Agreement, any sterlina releaeed vili
be freely avallable for ourreat traneaotions in any ©urreney area*
The Agreement with thè Argentine Govermaent carrier thle out In
reapeet ef cmrreat eterllag «e fra» thè date ef that Agreement iiaelf«
lt alee pròvide* that a certain amount of thè aocumulated sterlina,
standing to thè credit of thè Argentine, ehould be released In eaeh of
thè neact four years, far ose In any ©urreney aree*
t suggsst that lt la noi posaible to separate thè tema of any
agreement w© oan moke In thia diffioult fleld fresa thè elreuastanees
ef thè negotlatleas, or thè fact# of th© trado with tho country with
***» thè agreement 1« concludad* Tho parta of thè Agreement with
thè Argentine whloh relate to tho treatment of sterlina are for four
years« The probability of a deficit between thè Argentine end thè
Sterlina Area durlng thoee four years la hypothetieal* At preaent, thè
Argentine la a larga net earaer ef sterlina, by reaaon of thè supplica
we are taking from her« ibis positien haa regularly aarked thè position
ef thè tarada between thè tw© countriea in thè paat, and it la net likely
te be »aterially changed durlng thè nsxt four years*
X suggeet, therefore, that further ©onaideration of thia hypetheti*
eal question mlght be ¿©ferrod, until evento Indicata that therc la «case
reaaon&bl© probability ©f it beeomlng aotual* la thè acanti»©, aa X
bave already «tated, all thè net eterllag that thè Argentine la earoing
will be avallati© for eurrent tiwnaaetioaa in any eurreaey area, sa wall
aa pari ef tha aoouanlated baiane#«
1 need coaroely add my pereonal aaauranee that 1 am venr mindful
ef our obligation under thè Financial Agreement«
Tour# sinoerely,
/*/
Br, John V« Snyder
HUCffl DAiTOB
la thè ligxfc e# theee ¿bete* t m. «are you ean uodontial thè
«esterni of thle 8svem&ent upon leeralng that thè Ocvenaaont
ef thè ttalteé Kiagdom faed entered late e eubeequent agreement
«eateiaiag e previelon epparsatly la ooafliet with Seetioa 10(14}
Hille 1 lieve not «esalate* my ooneidereiion of thè ©ther
provi.sione e# thè Atì(t1it©rientriti© agreement* thè
e£
thè epp&renb oonfliot explaJtooà ©bove impelo ne to fééfte yous*
attention te it without deley* X hopo it will he possiti© fbr
yen te ©oaelder thle metter «né eoaawaaleete with me with respeot
te It et ea early late#
Vary truly yours*
/V
w
t* sswm
Seeretaxy ©f thè freaeury
Eight Boaorable Hugh Dalben
qf thè
Tre©iìiry chmubere
tondon* England
Ootobar SI* IMS
Dear Hr* Balten«
Xn jawaalaing the agreement signed by representatives ©f
tto Governments of the ^sitcá Kingdom
Argentina ©a September
IT© 1946, X hen notad that Section 1(d) of Article 1 provides
oo Bellows«
*If An any year the toìàfifO of payacate with too
sterling area to unfavorable to Argentina,
Argentina say furthermore dispos© freely vitola
too sold uro© ©f it© sterling balances for i&
©qufrilSBSt t© to© dO fieit#*
Shis provision, tolto appears to hors too offset of making
toft amounts so reloasod available flay expenditure solely vito!»
too sterling arsa, semi te bo inconsistent aito Section 10(H)
of too Baited states*Bfcited Kingdom rHsaetal Agrement of
Beessber 6, 1041© tolto provides as follews«
*(ii) la eonsidemtioa of too fast toot an io*»
portant pomoso of too p m m t lias of credit i»
to promote too doroXosnoat of aultilaterial trado
ato facilitate its early resumption on a non-dia*
oriminatoiy basis, too toveianssto of too totted
Kingdom agrees that say sterling batanees relsasod
or1otherwise available for current payments vili©
net later tosa aso year after too effective dato
of tots Agreement, unless in speoial oases a later
dato is agreed upon after emst&tatle&© to ftotity
available Ibr enmato transactions In any currency
arsa vitoout discrimination,”
-«
Yon will m a l l that Section 10(H) m s considered by boto
of our Ctovemoeats to be a easy significant provision, and that it
was only after considerable discussion tost njrrsiinenf m s feanihsd
*• to ito fm^aHoa, ft sosaas «loar f m toe discussions before
year fbrllSMit and too desmutoatlea relative to too firrrsmsnt
^ ¡ m i a g of tots section and too inyertaaso attached to
it by the Baited States vers fbllyjappreciated by year Qommaont#
TREASURY DEPARTMENT
Washington
’CLOCK NOON; £ S T
FOR AUTOMATIC löäUEilSE 12 O ’!
Wednesday* February 5. 1947.
1947
Press Service
No.
» 3/
S'*
Secretary Snyder today made public the texts of the letters which
he has exchanged with Mr. Hugh Dalton, Chancellor of the British Exchequer,
. > 1 _ _ ... __ .. I
_ _ _ _ J.J__
ft_ _ _ __ _ _ _ _ 4.
-in 11946
Q/i,
+«
with
reference to the Anglo-Argentine
Agreement
of September 17,
and 4its
relation to the terms of the United States-United Kingdom Financial Agreement
dated December 6, 1945®
Following is the text of Secretary Snyder’s letter of October 31,
1946 to Chancellor Dalton;
Chancellor Dalton’s reply to Secretary Snyder dated December 17
1946 is quoted belowi
Secretary Snyder replied to Chancellor Dalton under date of
January 27^ as followsî
v Chancellor Dalton has w r replied to Secretary Snyder under date
of February 4> 1947, as follows?
TREASURY DEPARTMENT
Washington
for
AUTOMATIC RELEASE 12 O'CLOCK NOON, E.S.T.,
Wednesday, February 5, 1947»_______ __________
,
Fress Service
No. S-231
Secretary Snyder today made public the texts of the letters which he has ex
changed with Mr. Hugh Dalton, Chancellor of the British Exchequer, with reference
to the Anglo-Argentine Agreement of September 17, 1946, and its relation to the
terms of the United States-United Kingdom Financial Agreement dated December 6, 1945.
Following is the text, of Secretary Snyder's letter of October 31, 1946 to
Chancellor Dalton*
Dear Mr. Dalton?
In examining the agreement signed by representatives of the Govern
ments of the United Kingdom and Argentina on September 17, 1946, I have
noted that Section B(6) of Article I provides as follows:
"If in any year the balance of payments with the sterling
area be unfavorable to Argentina, Argentina may furthermore
.dispose freely within the said area of its sterling balances
for an amount equivalent to the deficit."
This provision, "Which appears to have the effect of leaking the
amounts so released available for expenditure solely within the sterling
area, seems to be inconsistent with Section~10(ii) of the United StatesUnited Kingdom Financial Agreement of December 6, 1945, which provides
as follows:
"(ii) In consideration of the fact that an important
purpose of the present line of credit is to promote the
development of multilaterial trade and facilitate its early
resumption on a non-discriminatory basis, the Government of
the United Kingdom agrees that any sterling balances released
or otherwise available for current payments will, not later
than one year after the effective date of this Agreement, un
less in special cases a later date is agreed upon after con
sultation, be freely available for current transactions in
any currency area without discrimination."
You will recall that Section 10(ii) was considered by both of our
Governments to be a very significant provision, and that it was only
after considerable discussion that, agreement was reached as to its formu
lation, It seems clear from the discussions before your parliament and
the documentation relative to the Agreement that the meaning of this, sec
tion and the importance attached to it by the United States were fully
appreciated by your Government, In the light- of these facts, I am sure
you can understand the concern of this Government upon learning that the
Government of the United Kingdom had entered into a subsequent agreement
containing a provision apparently in conflict with Section 10(ii)*
White I have not completed my consideration of the other provisions
of the Anglo-Argentine agreement, the importance of the apparent conflict
explained above impels me to invite your attention to it without delay,
I hope it will be possible for you to consider this matter and communicate
with me with respect to it at an early date*
Very truly yours,
/s/
JOHN W, SNIDER
Secretary of the Treasury
Right Honorable. Hugh Dalton
Chancellor of the Exchequer
Treasury Chambers
London, England
- 3 -
Chancellor Dalton’s reply ho Secretary Snyder dated -December 17,
194-6 is quoted below:
Treasury Chambers
Great George Street
S.W* 1, London, England
17th December, 1946
Ivly dear Mr* Snyder,
Your letter of October 31st about the Agreement signed
between the Government of the United Kingdom and Argentina on
Septemoer 17th 194-6 was delivered to me personally by a member
of the American Embassy in London, on November 27th*
I have read it carefully. 1 agree with ydu that Section 10
(ii) of the Financial Agreement of December 6th 1945,, provides
that, a year after the effective date of the Agreement, any
sterling released will be freely available for current trans
actions- in any currency area*
The Agreement with the Argentine Government carries this
out. in respect of current sterling as from-the date of that
Agreement itself. It also provides that a certain amount of the
accumulated sterling, standing to the credit of the Argentine,
should be released in each of the next four years, for use in any
currency area*
I suggest that it is not possible to separate the terms of
any agreement we can make in this difficult field from the
circumstances of the negotiations, or the facts of the trade with
the country with whom the agreement is concluded. The parts of
the Agreement with the Argentine which relate to the treatment of
sterling are for four years. The probability of a deficit between'
the Argentine and the Sterling Area during those four years is
hypothetical* At present, the Argentine is a large net earner of
sterling, by reason of the supplies we are taking from her. This
position has regularly marked the position of the trade between the
two countries in the past, and it is not likely to be materially
changed during the next four years*
I suggest, therefore, that•further consideration of this
hypothetical question might be deferred, until events indicate
that there is some reasonable probability of it becoming actual.
In the meantime, as I have already stated, all the net sterling
that the Argentine is earning will be available for current
transactions in any currency area, as well as part of the
accumulated balance.
I need scarcely add my personal assurance that I am very
mindful of our obligation under the Financial Agreement.
Yours sincerely,
,/s/
Mr* John si. Snyder
h u (B d a l t o n
- 4 Secretary Snyder replied to Chancellor Dalton under date of
January 27, as follows?
JAN 27 1917
My dear Mr* Dalton:
I have read with great interest and care your letter of
December 17, 194-6, in response to my letter of October 31*
194-6, with reference to the agreement signed by the Governments
of the United Kingdom and Argentina on September 17, 1946*
I am pleased to have assurance of your understanding that
Section 10 (ii) of the Financial Agreement of December 6, 1945*
provides that one year after the effective date of the agree
ment any sterling balances released will be freely available
for current transactions in any currency area*
May 1 now advert to two points in your letter which give
me especial concern*
You suggest, first, that "it is not possible to separate
the terms of any agreement.•.in this difficult field from the
circumstances of the negotiations, or the facts of the trade
with the country (concerned)." I assure you that I appreciate
fully the difficulties involved in the negotiation of the
sterling balance settlements* These difficulties cannot, how
ever, be regarded as justifying commitments which contravene
the terns of the Financial Agreement, Otherwise, as I am sure
you will agree, the entire agreement could be rendered meaningless*
Secondly, you point out that in the past Argentina has
regularly been a large net earner of sterling and that the
probability of a deficit between Argentina and. the sterling
area during the next four years is hypothetical. Your letter
suggests, accordingly, that the inclusion of Clause I B(6) in
the Anglo-Argentine .agreement has little practical significance,
While this may prove to be the case, this argument overlooks the
fact that Clause I B (6) itself may furnish an incentive to
Argentina to incur a payments deficit vis-avis the sterling area*
Moreover, I must confess that I am unable to reconcile with the
spirit of the United States—United Kingdom Agreement any commit
ment which under certain contingencies, even though remote, might
require action at variance with the Agreement*
In the light of the not inconsiderable resistance that had
to be overcome before we obtained Congressional ratification cf
the Financial Agreement, I think you can realize our concern over
this matter and the importance we must attach to the fulfillment
of the obligations undertaken therein by your Government, I am
sure you will appreciate also the difficulties which must arise if
future agreements involving settlements of accumulated sterling
balances should contain provisions similar in intent to that of
Clause I B (6) of the Anglo-Argentine Agreement* I would there
fore welcome some statement from you indicating that your
Government has no intention of including such a clause in future
agreements*
May I also point out that if and when there is reasonable
probability that Argentina will incur a current deficit with
respect to the sterling area, this Government would expect the
United Kingdom to make appropriate adjustments with the
Argentine Government, so that no discrimination at variance with
the United States—United Kingdom Financial Agreement would, in
fact, arise*
\.
I have spoken frankly because of my fear that instances of
this kind, if permitted to recur, may make more difficult the
maintenance and further development of those close and friendly
relationships between our two countries which, I am sure, both
of us wiejh to foster*
Sincerely yours,
(Signed)
JOHN V? SNYDER
Sec let ary of the Treasury
Right Honorable Hugh Dalton
Chancellor of the nxchequer
Treasury Chambers
London, England
Chancellor Dalton has replied to Secretary Snyder under date of
February 4, 1947, as follows:
Treasury Chambers,
London, -February 4th, 1947
-My dear Mr. Snyder:
Thank you for your letter of January 27th
about our Agreement of September 17th, 1946, with
Argentina. I am glad you have written frankly to me;
I am replying in the same spirit, being no less
anxious than yourself to maintain and develop the
most close and friendly relations between our two
countries.
In your letter, you ask me for an assurance
that, in future agreements about sterling balances,
we have no intention of including such a clause as
Clause I B (6) of the Anglo-Argentine Agreement. I
am happy to give you this assurance.
I also note that, if and when there is
reasonable probability that Argentina would incur
a current deficit with respect to the Sterling Area,
the United States Government would expect the United
Kingdom to make appropriate adjustments with the
Argentine Government, so that no discrimination at
variance with the U.S./ü.K* Financial Agreement would
in fact arise. I can readily assure you that it
would always be our desire to avoid such discrimination,
though I feel bound to say once more that I think that
this is a theoretical but not a practical contingency..
Yours sincerely,
(Signed)
The Honorable John ¥. Snyder,
Secretary of the Treasury,
WASHINGTON, D. C.
HUGH DALTON •
providing the incentives necessary
for a continued high ieve I of
production throughout the economy.
Gentlemen, let me conclude.
I
believe an objective appraisal of
our assets and our problems will
reveal a magnificently prosperous
Nation.
With all of our advantages,
the American System of free
enterprise is capable of developing
a driving force that will carry us
on to even greater national
w e l l - b e i n g
fiscal soundness than major tax
reductions now.
We should maintain
tax rates high enough to effect as
rapid a reduction in the public debt
as is consistent with the maintenance
of a high-production, high-employment
economy.
When the time comes when
some reauction in the tax rates should
/
be possible, I believe these reductions
shouId *be concentrated in those areas
•> I
where they will be most useful in
maintaining purchasing power and in
it is essential that we establish
our national budget on a soundly
balanced basis, and begin now to
apply a surplus of receipts over
expenditures to the retirement of our
large public debt,
in this present
state of extraordinary prosperity,
sound business principles demand
that we give priority to the debt
liquidation program.
i believe this would be a
greater contribution to national
26 we have reduced expenditures to an
annua) rate of $42 k^i4=**en for fiscal
year 1947.
""f
This curtailment of
spending by almost 60 percent does not
represent the attainment of a goal.
Budget proposals for the next
fiscal year contemplate a further
reduction, and it is the policy of
the administration to continue this
economy program as rapidly as the
of war and
perm it.
25 -
related to our general economy, and
which is of primary importance to the
business community.
That is the
problem of our national debt, and its
management.
it is of primary importance that
we reduce our Government expenditures,
now, to the utmost compatible with
our national security, our economic
well-being, and the fulfillment of our
just obligations.
Already, from a
crtr¿rgr*0
wartime high of $10^ blit t=en a year,
- 24 This Administration has gone a
long way toward relaxing the controls
over our economy demanded by the war
emergency.
It is the President’s
purpose to remove all remaining
controls as rapidly as possible.
From
now on, it is largely up to us, all
of us.
We shall need to exercise
restraint, whether we are consumers,
or producers, or distributors.
There is another problem we face
as a nation, a problem that is closely
23 national ledger.
There have been
inflationary excesses in some areas
that will have to be corrected.
The year just past was «narked
by Iabor-management strife.
Prosperity
demands a high degree of cooperation.
It seems to me that in recent weeks
there has been evidence of a happier,
more cooperative, more realistic
approach in labor-management
re lati ons.
highs; some reached ail-tine highs
during 1948.
The production of lumber and
lumber products in December was 142
percent of the 1935-39 average.
Civilian employment has increased
three million since the end of the
*ar, and was approximately fifty-six
million three hundred thousand in
December.
I would not discount the fact
that we have some I iabiIi11es on our
More and more durable consumer
goods are reaching the market in
quantities exceeding those of before
the war -- shipments of washing
machines, vacuum cleaners, electric
ranges, and radios are from 59 to
68 percent above prewar levels.
The
shipment of mechanical refrigerators
and the production of passenger
automobiles are approaching prewar
voIume.
The output of many building
materials has reached new postwar
federal Reserve Board’s adjusted
Index of production for December
stood at 179 percent of the 1935-39
average.
Steel Ingot production in
January had risen to 93 percent of
capacity -- a new postwar high.
Electric power output in the
week of December 21, rose to the
highest level on record.
Production of soft coal in
Ja nu a ry reached the
in twenty years.
h igh e st
àV
t
level
19
indices of industrial production,
car loadings, electric power, and
the like, bear eloquent testimony
to our progress since the cessation
of hostiI¡ties.
Freight car loadings in
mid-January exceeded those for the
corresponding period in every year
since I93Û, when the average per-car
capacity was much smaller than it
is now.
industrial production continues
at peacetime high levels.
The
«t
-
18
volume of our production of goods
and services.
Equally important is
the spirit, the ability, and courage,
and energy, and ingenuity of our
i
people that was demonstrated in
our attainment of production for
victory, in our amazingly speedy
I
si ®
reconversion and in our steadily
expanding output of peacetime
goods.
I
■
Let us look at the picture in
some detaiI.
k$$3g':0 i:i!§m m
• .
|7
-
high construction levels spread
demand throughout a multitude of
supplying industries.
As new homes
are occupied, there is a call for
furniture and furnishings, and many
other related items.
And let us not overlook the
record-breaking foreign demand for
our goods.
And let me list as one of the
most important assets we have in
this year 1947, the sheer physical
—
Not onIy do
1 6 -
w e
have the means
to attain continued prosperity, but
we have the stimulus.
There is,
despite current high production
levels, an unsatisfied demand for
virtually all kinds of goods.
Our
nationwide housing shortage is one
of our critical problems, but this
shortage »4 11 serve as a most
important stimulant to business and
employment,
it will take years to
fill this demand, and as you know,
nearly doubled during the war years,
and the latest estimate places
the total at a record high of
$5b,00ü,ÛüQ,GQÛ.
They hold casn ano
United States securities alone
totaling $40,000,000,ÛÛ0 -- more
than twice the prewar figure.
There is no dearth of funds
for employment, either in the
acquisition of consumer goods, or
for the financing of production and
expansion of industry.
- 14
are the accumulated savings of the
people and of industries.
Tens of
millions of citizens have invested in
United States Savings Bonds.
The
liquid assets of individuals at the
end of December were estimated at
$191,000,000,000, an all-time high,
and compare with less than
$70,000,000,000 in 1941.
These
assets are more widely distributed
than before the war.
The net working
capital of American corporations
13 sustaining the confidence of the
people in our banking system.
Furthermore, through the operations
of the Securities and Exchange
Commission, investors in securities
are more certain of the soundness of
their investments.
These products of economic
statesmanship are tough and sturdy
girders beneath the floor of our
business structure.
elements.
There are other
Particularly important
collapse of farm prices.
To£â£, through the provisions
of the Social Security legislation,
we have unemployment insurance which
guarantees that never again will
there be any sudden curtailment of
individual income on a mass scale.
we
surroundi n
people under the Federal Deposit
insurance legislation.
This we can
count as a very real asset in
been established safeguards to
fflitigate the effects of any recession
/
that wight develop during the
processes of economic adjustment.
These are cushions which should
operate to prevent any temporary
slackening of business tempo from
reaching disastrous proportions.
Let us examine a few of these
bulwarks protecting our economy.
av„ we have functioning the
mechanisms to prevent any ruinous
•
10
-
j
\
Today, however, not only farm
Income, but our national income and
our productive level are at the highest
ever achieved in peacetime.
is at an unprecedented level.
Employment
Our
banking system has never been
stronger; speculation on borrowed
money has been kept under restraint.
Not only are the characteristics
of that earlier depression almost
entirely lack ing, but out of our
new social consciousness there have
depression of the late *20*s and
early *30*s.
In those unhappy days, there
was the collapse of farm incomes,
which led to fading demand for goods,
resulting in slowdowns in production
and employment.
Consumer buying
was reduced further and further.
In those days we had a collapse of
the speculative securities with
the demoralizing collapse of the
banking system.
our farms, our businesses.
"But America was not built on
fear.
America was built on courage.
on imagination, and an unbeatable
determinati on to do the job at hand.
\ 7
There is no need for unreasoning
fear today.
Nineteen hundred and
forty-seven is not 1929.
To recognize
this fact, we have only to prod
our memories a tittle, to recall
some of the first symptoms, the
■
|
-• .
'
•’
' ■'
$
I
causes, the manifestatlons of th^
î
of our economy as we enter this
year 194?.
President Truman in transmitting
the report of his Council of Economic
Advisers to the Congress, said:
the year 1947 opens. America
has never been so strong or so
prosperous.
Nor have our prospects
ever been brighter.
"Yet in the minds of a great
many there is a fear of another
depression, the Ioss^of our jobs,
— 6 The past few weeks have been a
period of Inventory-taking for
business and industry.
I trust that
those of you who have been engaged in
this annual appraisal of results of
the past and of prospects for the
future have found the answer pleasing
in both respects.
It seems to me this is a good
time for us to take an inventory
of our national situation.
May I
point out today some of the assets
-
5 -
headquarters city for all of our
ifflportant Ia* enforcement agencies,
such as the United States Secret
Service, the Bureau of Narcotics,
and the intelligence and Alcohol
Tax Units of the Bureau of internal
Revenue.
The Treasury has further
community of interest with you in
your capacity as one of the great
financial centers of the West.
*»
not have.
mm
Mr. Neal Callaghan, our
super intendent, tells
m e
the
San Francisco Mint, to meet the needs
of our expanding economy, during the
past five years turned out more than
a billion and a half coins.
So you see, making money is
big business.
San Francisco is the center of
our western activities in the
collection of internal revenue and
customs duties.
You are the
_S i I I
3... -
ingenuity of the lest, so evident
_
....
g _ .v
„1
during the war years, wiI I carry you
forward to new prominence in the
peacetime economy of the Nation.
k s
Secretary of the Treasury,
l share your pride in the record
of San Francisco’s industrial progress
The Treasury itself has an industrial
enterprise here which has set up
some new records of production in
recent years.
Unlike most of you
here, we do not have any competition
in our field or at least we should
.-
z
-
Your attainments have been
tremendous -- the outpourings of
ships, and steel, and petroleum,
and all the other products of your
industries and resources have been
a most vital contribution.
i congratulate you men who
have figured so prominently in the
planning and in the accomplishments.
I know that you are pressing forward
toward new fields of development.
The spirit, and the courage, and the
An Address by the secretory of the Treasury
/ Prepared for Delivery before'' the '
( y S m Francisco Chaaber'pf comerbe
{/
February 10, 1947
It i s a real privilege to be
the guest of the San Francisco
Chamber of Commerce, and to meet
so many of the leaders of this
great Communi ty.
In the whole r e m a r k a b l e r e c o r d
of American m o b i l i z a t i o n
there
f o r war,
i s no b r i g h t e r c h a p t e r than
t h a t w r i t t e n here
Bay area.
in the San F r a n c i s c o
(The f o l l o w i n g a d d r e s s
by S e c r e t a r y Snyder before
s p e c i a l l u n c h e o n of the S a n F r a n c i s c o C h a m b e r of Commerce,
S a n F s a n c i s c o C o m m e r c i a l Club,
1
o * c l o c k P.M.
at the
is s c h e d u l e d for d e l i v e r y at
Pa c i f i c S t a n d a r d Time, Monday, F e b r u a r y
a nd is for re l e a s e at t h a t time.)
10,1947,
TREASURY DEPARTMENT
Washington
■A .',
(The following address by Secretary Snyder
before a special luncheon of the San Francisco
Chamber of Commerce, at the San Francisco
Commercial Club, is scheduled for delivery at
1 o ’clock P,M. Pacific Standard Time, Monday,
February 10, 1947» and is for release at that
time.)
It is a real privilege to be the guest of the San Francisco Chamber
of Commerce, and to meet so many of the leaders of this great community#
In the "whole remarkable record of American mobilization for war,
there is no brighter chapter than that written here in the San F'rancisco
Bay area«
Your attainments have been tremendous — the outpourings of ships,
and steel, and petroleum, and all the other products of your industries
and' resources have been a most vital contribution*
I congratulate you men who have figured so prominently in the
planning and in the accomplishments« I know that you are pressing forward
toward new fields of development* The spirit, and the courage, and the
ingenuity of the West, so evident during the war years, will carry you
forward to new prominence in the peacetime economy of the Nation*
As Secretary of the Treasury, I share your pride in the record of
San FranciscoTs industrial progress. The Treasury itself has an
industrial enterprise here .vhich has set up some new records of production
in recent years. Unlike most of you here, we do not have any competition
in our field or at least we should not have* Mr* Neal Callaghan, our
superintendent, tells me the San Francisco Mint, to meet the needs of our
expanding economy, during the past five years turned out more than a
billion and a half coins,
So you see, making money is big business.
San Francisco is the center of our western activities in the
collection of internal revenue and customs duties. You are the head
quarters city for all of our important law enforcement agencies* Such
as the United States Secret Service, the Bureau of Narcotics, and the
Intelligence and Alcohol Tax Units of the Bureau of Internal Revenue*
The Treasury has further community of interest with you in your
capacity as one of the great financial centers of the lest.*
The past few weeks have been a period of inventory-taking for
business and industry* I trust that those of you who have been engaged
in this annual appraisal of results of the past and of prospects for the
future have found the answer pleasing in both respects.
S-232
~
2
-
It seems to me this is a good time lor us to take an inventory of
our national situation. May I point out today some of the assets of
our economy as w| enter this year.1947*
President Truman in transmitting the report of his Council of
Economic .advisers to the Congress, said:
"As the year 1947 opens, .America has never been so
strong or so prosperous. Nor have our prospects ever been
brighter.
»‘Yet in the minds of a great many there is a fear of
another depression, the loss of our jobs, our farms, our
businesses#
"But .America was not built on fear. America was built
on courage, on imagination, and an unbeatable determination
to do the job at hand."
There is no need for
forty—seven is not 1929*
our memories a little, to
the manifestations of the
unreasoning fear today. Nineteen hundred and
To recognise this fact, we have only to prod
recall some of the first symptoms, the causes,
depression of the late 1¿0* s and eariy ?30!s.
In those unhappy days, there was the collapse of farm incomes,
which led to fading demand for goods, resulting in slowdowns in production
and employment. Consumer buying was reduced further and further# In
those days we had a collapse of the speculative securities with the
demoralizing collapse of the banking system.
Today, however, not only farm income, but our national income and
our productive level are at the highest ever achieved in peacetime.
Employment is at an unprecedented level. Our banking system has never
been strongerj speculation on borrowed money has been kept under restraint.
Not only are the characteristics of that earlier depression almost
entirely lacking, but out of our new social consciousness there have
been established safeguards to mitigate the effects of any recession that
might develop during the processes of economic adjustment# These are
cushions which should operate to prevent any temporary slackening of
business tempo from reaching disastrous proportions.
Let us examine a few of these bulwarks protecting our economy.
Today, we have functioning the mechanisms to prevent any ruinous
collapse of farm prices.
Today, through the provisions of the Social Security legislation,
we have unemployment insurance which guarantees that never again will
there by any sudden curtailment of individual income on a mass scale,
- 3 Now, we 'have the safeguards surrounding the savings of the people
under the Federal Deposit Insurance legislation» This we can count as
a very real asset in sustaining the confidence of the people in our
banking system*
Furthermore, through the operations of the Securities and Exchange
Commission, investors in securities are more pertain of the soundness of
their investments*
These products of-economic statesmanship are uough and sturdy girders
beneath the floor of our business structure. There are other.'elements.
Particularly important are the accumulated savings of the people and of
industries.*' Tens of millions Of citizens have invested in United States
Savings Bonds» The liquid assets of individuals at the end of December
were estimated at $5191*000,000,000, an all-time high, and compare with
less than $570,000,000,000 in 1941* These assets are more widely
distributed than before thé war* The net working capital of^American
corporations nearly doubled during the war years, and the latest estimate
places the total at a record high of $55*000,000,000. They hold cash and
United States securities alone totaling $40,000*000,000— more than
twice the prewar figure»
There is no dearth of funds for employment, either in the acquisition
of consumer goods, or for the xinaneing of production and expansion of
industry*
Not only do we have the means to attain continued prosperity* but
we have the stimulus* There is, despite current high production levels,
an unsatisfied demand for virtually all kinds of goods* Our nationwide .
housing shortage is one of our critical problems, but this shortage will
serve as a most important stimulant to ousiness and employment* It will
take years to fill this demand, and as you know, high construction levels
spread demand throughout a multitude of supplying industries^ As new
homes are occupied, there is a call for furniture and furnishings, and
many other related items*
xind let us not overlook the record-breaking foreign demand for our
goods.
And let me list as one of the most important assets we have in this
year 1947, the sheer physical volume of our production of goods and
services* Equally important is the spirit, the ability, and ^courage,
and energy, and ingenuity of our people that was demonstrated in our
attainment of production for victory, in our amazingly speedy reconversion
and in our steadily expanding output of peacetime goods*
/
Let us look at the picture in some detail*
Indices of industrial production, carloadings, electric power, and
the, like, bear eloquent testimony to our progress since the. cessation
of hostilities.
Freight carloadings in mid-January exceeded those for the
corresponding period in every year since 1930, when the average'per-cdr
capacity was much smaller than it is now.
Industrial production continues at peacetime high levels. The
Federal Reserve Board’s adjusted index of production, for December stood
at 179 percent of the 1935-39 average.
Steel ingot production in January had risen to 93 percent of capacity
a new, postwar high,,
Electric power output in the week of December 21, rose to the
highest level on record.
Production of soft coal in January reached the highest level in
twenty years.
More and more durable consumer goods are reaching the market in
quantities exceeding those of before the war.— shipments of washing
machines, vacuum cleaners, electric ranges, ard radios are from 59 to
68 percent above^prewar levels, * The shipment of mechanical refrigerators
and the production of passenger automobiles are approaching prewar volume.
The output of many building materials has reached new postwar highs;
some reached all-time highs during 1946*
The production of lumber and lumber products in December was 142
percent of the 1935-39 average.
Civilian employment has increased three million since the end of the
war, and was approximately fifty-six million three hundred thousand in
December,
I would not discount the fact that we have some liabilities on our
national ledger. There have been inflationary excesses in some areas
that will have to be corrected.
The year just past was marked by labor—management strife. Prosperity
demands a high degree of cooperation. It seems to me that in recent weeks
there has been evidence of a happier, more cooperative, more realistic
approach in labor-management relations.
This Administration has gone a long way toward relaxing the controls
over our economy demanded by the war emergency. It is the President’s
purpose to remove all remaining controls as rapidly as possible. From
now on, it is largely up to us, all of us, Wé shall need to exercise
restraint, whether we are consumers, or producers, or distributors.
There is another problem we face as a nation, a problem that is
closely related to our general economy, and which is of primary ■
importance to the business community. That is the problem of our
national debt, and its management.
- 5 It is of primary importance that we reduce our Government
expenditures, now, to the utmost compatible with- our national security,
our economic well-being,. and the fulfillment of our just obligations.
Already, from a wartime high of ¡$100,000,000,000 a year, we have reduced
expenditures to an annual rate of ^¿+2,000,000,000 for fiscal year 1947*
This curtailment of spending by almost 60 percent does not represent the
attainment of a goal»..
Budget proposals for the next fiscal year contemplate a further
reduction, and it is the policy of the administration to continue this
economy program as rapidly as the liquidation of war and its aftermath
permit.-'
It is essential that we establish our national budget on a soundly
balanced basis, and begin now to /apply a surplus of receipts over
expenditures to the retirement of our large public debt. In this present
state of extraordinary prosperity, sound business principles demand
that we give priority to the debt liquidation program»
I believe this would be a greater contribution to national fiscal
soundness than major tax reductions now* We should maintain tax rates
high enough to effect as rapid a reduction in the public debt as is
consistent with the maintenance of a high-production, high-employment
economy. When the time comes when some reduction in the tax rates should
be possible, I believe these reductions should be concentrated in those
areas where they will be most useful in maintaining purchasing power and
in providing the .incentives necessary for a continued high level of
production throughout the economy*
Gentlemen, let me conclude* I believe an objective appraisal of
our assets and our problems will reveal a magnificently prosperous
Nation. With all of our advantages, the American system of free
enterprise is capable of developing a driving force that will carry us
on to even greater national well-being.
oOo
,g'f r' ~
’•■* '
STATUTORY DEBT LIMITATION
AS OF JAHUARY 31, 1947
(p
f,
Fiscal Ser^see
-------- !--------f e t o g i M , February
19
Section 21 of the Second Liberty Bond A c t , as amended, provides that the face amount
of obligations issued under authority of that Act, and the face amount of obligations
guaranteed as to principal and interest by the1United States (except such guaranteed
obligations as may be held by the Secretary of the Treasury) , **shall not exceed in the
aggregate $275,000,000,000 outstanding at any one time. For purposes of this section
the current redemption value of any obligation issued on a discount basis which is
redeemable prior, to maturity at the option of the holder shall be considered as its
face amount. 11
—
The following table shows the face amount of obligations outstanding and the face
amount which can still be issued under this limitation:
Total face amount that may be outstanding at any one time
Outstanding January 31, 1947
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Treasury bills..................
$d ? ,074,232,000
Certificates of indebtedness....
29,790,916,000
Treasury notes.............
15.680,764,500
$ 62,545,912,500
$275,000,000,000
Bonds
Treasury........
119,322,892,950
♦Savings (current redemp.value)
50,342,505,081
Depositary............
351,075,000
Armed Forces Leave........ .
..... 872,951,025 170,889,424,056
Special Funds
Certificates of indebtedness..
12,048,500,000
Treasury notes................
12,728,404,000
Total interest-bearing.... ......... .........
Matured, interest-ceased............................
Bearing no interest
War savings stamps.............
76,122,145
Excess profits tax refund bonds.
25,784,228
Special notes of the United States:
~Internat*1 Bank for Reconst.
and Development series......
248,285,000
Total.................................. .......... *. *
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debentures: F.H.A.
...........
45,674,186
Demand obligations: C.C.C...... ...... 216,799,890
Matured, interest-ceased........ ....................
24.776,904,000
258,212,240,556
298,907,692
350,191,373
258.861,339,621
,
..... 369*93à"!g36
. ,
"
.... .
$259.131,259,147
Grand total outstanding................. .... ; • •* ***..... ;; *\; ; *
16 86 8 7 40,853
Balance face amount of obligations issuable under above authority..
«___— — — ■■=*
Reconcilement with Statement of the Public Debt - January 31, 1947
(Daily Statement of the United States Treasury, February 3, 1947
Outstanding January 31, 1947
Total gross public debt..........
........
Guaranteed obligations not owned by the Treasury..
Total gross public debt and guaranteed obligations
Deduct -■ other outstanding public debt obligations
.
259,776,476,279
_ _ J 6 9 . !9 1 9 . ^
260~,046,395,305
915,136 »,658
259 .131~25iJiZ
Mr. Lindow
Mr. Maxwell (*K330)
PPKPTelt
Mr,
McDonald
Mr. Batchelder
Mrs.
McKenna
Mr, Birgfeld
Miss
Michener
Miss Bono
Mr.
L.
V. Moore
Mr. Brogan (Disb.)
Mr.
M.
Moore
Mr. Burdette (Ul25)
Mr.
Mulvihill
(523 W.B.)
Miss Burke .
Mrs.
Naud
B & W (U3 O8 )
Mr. H i songer
Mr. Cake
Mr. O ’Connell
Mr, Church
Miss Peltonen
Mr. Collie (HOO*0
Mrs. Potts
Miss Cullen
Mr.
Rahen (523 W.B.)
M r . Gunn ingham
Mrs.
Ralf (132*0
Mrs. Day (3^21)
Mr,
Reeves
Mr. Dietrich
Mrs. Root
Mr, Eddy (5323)
Miss Rousseaux (*1-319)
Mrs. Earrell (3^09)
Miss Sanford (512*0
Miss Florin (50^5)
Mrs. Schoeneman
Mr. Frese
Mr. Schwalm (5^2 W.B.)
Mr, G-erardi (517 W.B,)
/ T ) i r , Shaeffer
Mr. Glasser (3**30)
Mr. Slindee
Mr. Greenberg
Mr, Smith
Mr. Haas
Mr. Spingarn (2000)Mr. Handy
Mr. Stickney
Mr, Hearet
Miss Stockwell
Mr, Heffelfinger
Mr. Tickten
Mr* Howard (821 W.B.)
Mr. Tietjens
Miss Hodel
Mr. Upham
Mr. Hyland (3*H3)
Miss Vassar
Mr. Jordan
Mrs. Walker (3*^57)
Mrs. Juhb (3027)
Mrs. Warnescn
Miss Kailey (303-3)
Mr, Weber
Mr. Kilby
Mr. Winston (1321)
Mr. Landis
Mr. Ziegenfus
Mrs. Legg
r. Banning (Disb.)
¡¡t - j & C
^
Y
7 / 1
STATUTORY DEBT LIMITATION
AS OF JMUAftY~31, 1947
February 6, 1947.
Section 21 of the Second Liberty Bond Act, as amended, provides that the face
amount of obligations issued under authority of that Act, and. the face amount of
obligations guaranteed as to principal and'interest by the United States (except .
such guaranteed obligations -as may be held by the Secretary of the Treasury), "shall
not exceed in the aggregate ; $275*000,000,000 outstanding at any one time. For
purposes of th,is section the current redemption value of any, obligation issued on a
discount basis which is redeemable prior to maturity at the option of the holder
shall be considered as its face amount."
The following- table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitation:
Total face amount that may be outstanding at any one1time
$275,000,000,000
Outstanding January 31* 1947
Obligations issued under Second Liberty Bond Actj as amended
Interest-bearing
Treasury bills.......'...... $ 17*074*232,000
Certificates of indebtedness
29*790,916,000.
Treasury notes.............
15,680,764.500 $ 62,545,912,500
Bonds
■ Treasury....... .
119*322,892,950
-«-Savings (currentredemp. value)50,342,505*081
Depositary............
351,075,000
Armed Forces Leave.......
872,951.025
170,889,424,056
Special Funds
Certificates of indebtedness 12,048,500,000
12,728,404,00.0
Treasury notes...........
24,776,904,000
Total interest-bearing.... .......
258,212*240,556
Matured, interest-ceased............
298,907,692
Bearing no-interest
War savings stamps..........
76,122,145
Excess profits tax refund bonds
25*784,228
Special notes of the United States
Internat’l Bank for Reconst,
and Development series
248,285,000
350,191,373
Total...... ................................... 258,861,339,621
Guaranteed obligations (not held-by Treasury)
Interest-bearing
Debentures: F.H. A..........
45,674*186■'
Demand obligations: C.C.C*.
216,799,890
262,474,076
Matured, interest-ceased..*.,.......... ............... 7,445,450
269,919,526
Grand total outstanding.... ......................................$259,131,259,147
Balance face amount of obligations issuable under above authority... 15,868,740,853
Reconcilement with Statement of thé Public Debt - January 31, 1947
(Daily Statement of the United States Treasury, February 3* 1947)
Outstanding January 31, 1947
Total gross public debt..,....,................. ...............,. 259,776*476,279
Guaranteed obligations not owned by the Treasury,....... f ...... ....... 269,919,526
Total gross public debt and guaranteed obligations,..,,....... .
260,046,395*805
Deduct - other outstanding public debt obligations
not subject to debt limitation............................
915,136,658
259,131,259,147
3-233
ALPHA
- 3 -
s°ld-i redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. 1|18, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
&Mmr
-2
-
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, follovjlng which public announcement will be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for $200,000
or less from any one bidder at
accepted in full.
99.905
entered on a fixed-price basis will be
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
February 13, 19U7
lhe income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter enacted.
^The bills shall be subject to estate, inheritance, gift, or other excise taxes,
•whether Federal or State, but shall be exempt from all taxation now or here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United. States shall be considered to be interest.
Under Sections
1;2 and 117 (a) (1 ) of the Internal Revenue Code, as amended by Section 115 of
the Revenue Act of
19111,
the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
%%?m
TREASURY DEPARTMENT
Washington
FOR RELEASE,, MORNING NEWSPAPERS,
Friday, February 7, I 9I4.7
y.y
The Secretary of the Treasury, by this public notice, invite0 tenders for
$1,300,000,000- , or thereabouts, of
91 -day Treasury bills, to be issued
,
- Wt
: .
on a discount basis under competitive and fixed-price bidding as hereinafter
provided.
The bills of this series will be dated
yghriiary 13.
19R 7
, and
Tiill mature
Mav l5^_19k7______ ^ When the face amount will be payable with
out interest.
They nil! be issued in bearer form only, and in denominations
of .*1 ,000, $5 ,000, $ 10,000, $ 100,000, $ 500,000, and $ 1 ,000,000 (maturity value).
Tenders m i l be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday, February 10, 19li7.
—
—
—
-----Tenders will not be received at the Treasury Department, Yiashington. Each
tender must be for an even multiple of $ 1 ,000, and the price offered must be
expressed on the basis of
Fractions may not be used.
100,
with not more than three decimals, e. g.,
99,925.
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes Which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty* of payment by an incorporated bank or trust company.
TREASURY DEPARTMENT
Washington
F O R RELEASE, M O R N I N G N E W S P A P E R S ,
F r l d á y y February. 7* I 9 4 7 V
’v ‘
....’.‘
.Press -Service:. -.N©>;. S -.234 •' , ;;;
:
T h e S e c r e t a r y of the Treasury, b y this p u b l i c notice,- "
i n v i t e s tenders f o r . $ 1 ,300,000> 000, or .thereabouts, of 9 1 -àaÿ
T r e a s u r y bill's, to b e -.issued on a discount, b a s i s u n d e r com- •
p e t i t i v e and f i x e d - p r i c e b i d d i n g as' h e r e i n a f t e r p r o v i d e d T h e
b i l l s o f this series will be' d a t e d February. 13, 1947, and will
matuire May^.1 5 , 1947> -when the face amount will b e ; payable' w i t h
out interest.
T h e y w i l l be i s s u e d i n ' b e a r e r f o r m only, and in.
denominations, of $1 >000, :$ 5 ,000/ •‘$ 10 , 000., $ 100-,Ó 0.
0-, -'•/,/• -,..
500,000, a nd $3,000,000 ( m a t u r i t y value).* .
;•
•
'f 1
‘.
7
T e n d e r s will be r e c e i v e d a t F é d é r a i Reserve.;Banks¿arid
B r a n c h e s up to the closing hour, two td’ô l q c k p.m. * ’E a s t e r n
S t a n d a r d time, Monday, F e b r u a r y 10, 1947.
Tenders, will not
be r e c e i v e d at the T r e a s u r y D e p a r t m e n t , Washington.. • E a c h
t e n d e r m u s t be for an even, m u l t i p l e o f $ 1 ,000, and the p r i c e
o f f e r e d m u s t be e x p r e s s e d on the b a s i s of*'100 , w i t h not. more'
tha n three d e c i m a l s , e , g . , • 9 9 . 9 2 5 ¿ F r a c t i o n s m a y n ot b e •used.
It is u r g e d that t e n ders be m a d e on.the printed, f o rms and f o r
w a r d e d in the special e n v e l o p e s w h i c h w i l l ‘b e - s u p p l i e d by
F e d e r a l R e s e r v e B a n k s or B r a n c h e s on a p p l i c a t i o n therefor.
T e n d e r s will be r e c e i v e d wi t h o u t depo.sit f r o m i n c o r p o r a t e d
b a n k s a n d trust c o m p a n i e s a n d f r o m responsible..and r e c o g n i z e d
d e a l e r s in investment, s e c u r i t i e s . T e n d e r s f r o m . o t h e r s m u s t be
a c c o m p a n i e d b y p a y m e n t of 2 p e r c e n t of the face amount of
■
T r e a s u r y b i l l s a p p l i e d for, u n l e s s the t e n d e r s aré a c c o m p a n i e d
b y an ex p r e s s g u a r a n t y of p a y m e n t b y an i n c o r p o r a t e d b a n k or
trust company.
I m m e d i a t e l y a f t e r the cl o s i n g hour, t e n d e r s will be o p e n e d
at the F e d e r a l R e s e r v e B a n k s and B r a n c h e s , f o l l o w i n g w h i c h p u b
lic a n n o u n c e m e n t will be m a d e b y the S e c r e t a r y of the T r e a s u r y
of the amount an d price r a nge of a c c e p t e d bids.
Those submitt
ing t e n ders will be a d v i s e d of the a c c e p t a n c e or r e j e c t i o n
thereof.
Th e S e c r e t a r y of the T r e a s u r y e x p r e s s l y r e s e r v e s the
r i ght to accept or reje c t a n y or all tenders, In w h o l e or in
part, and his a c t i o n in a n y such r e s p e c t shall be final. . S u b
ject to these reser v a t i o n s , tenders for $ 2 0 0 , 0 0 0 or less f r o m
a n y one b i d d e r at 9 9 . 9 0 5 e n t e r e d on a f i x e d - p r i c e basis .will be
a c c e p t e d in full.
P a y ment of a c c e p t e d t e n d e r s at the p r i c e s
o f f e r e d m u s t be m a d e or c o m p l e t e d at the F e d e r a l R e s e r v e B a n k
in cash or o t h e r I m m e d i a t e l y a v a i l a b l e f u n d s on F e b r u a r y 13,
1947.
Th«r income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r i n t erest
or g a i n f r o m the sale or o t h e r d i s p o s i t i o n of the bills, shall
not h a v e a n y exemption, as such, and loss f r o m the sale or
,
o t h e r d i s p o s i t i o n of T r e a s u r y b i l l s shall n o t h a v e a n y special
treatment, as such, u n d e r F e d e r a l T a x A c t s n o w or h e r e a f t e r
enacted.. T he b i l l s shall be subject to estate, inheritance,
rex c i s e taxes, w h e t h e r F e d e r a l or State, but
&
x
f
t
o
shall be exempt f r o m all t a x a t i o n n o w or h e r e a f t e r i m p o s e d on
the p r i n c i p a l or i n t e r e s t t h e r e o f b y a n y State, o r a n y of the
p o s s e s s i o n s of the U n i t e d States,
by any l d l a l ^ t x L g - F o r P ur P ° 3 e s of t a x a t i o n the amount of d i s c o u n t at
shfl?? K f e a S U r L b l l ^ S+ ar? orlS l n a l l y sold b y the U n i t e d Stat e s
to be interest.
U n d e r S e c t i o n s 42 and
t t c a2
°£
i n t e r n a l R e v e n u e Code, as a m e n d e d b y S e c t i o n
“ t h *,<?? R ® ve.nne A e t of 1941, the amount of d i s c o u n t at
w h i c h b i lls I s s u e d h e r e u n d e r are sold shall n ot
be c o n s i d e r e d
d ? s n n ^ a 6i- > l t U , 3UCh M l l s sha11 be sold, r e d e e m e d or o t h e r w i s e
c a p i t a l da s s e t ? n d f£°h h R 1? a r ®, e x c l u d e d f r o m c o n s i d e r a t i o n as
r o t h e r 1 tha£
A c c o r d i n g l y , the o w ner of T r e a s u r y b i l l s
'
l n s u r a n ee companies) i s s u e d h e r e u n d e r n e e d
t h « 1™ ? f \ h £ i £ n p 0 ® e tax r e t u r n only the d i f f e r e n c e b e t w e e n
he p r i c e . p a i d f or such bills, w h e t h e r on or i g i n a l issue or
u n o n U b 9 ? qUent p d r o h a s e > ® nd the a m o u n t a c t u a l l y r e c e i v e d e i ther
t l e or r e d e m p t i o n at m a t u r i t y d u r i n g the t a x able y e a r for
w h r c h the r e t u r n is m a de, as o r d i n a r y g a i n or loss.
D e p a r t m e n t C i r c u l a r No.
418,
as a m e n d e d
and
this
t h e ^ c b n d i t i o n s ^ n f % & * * ! * ' 0f the T r e a s u i y ' b i n f a n d g o v e r n " 13
o b t a i n a d 1^ ^
f £ h ? ir issue.
C o p i e s of the c i r c u l a r m a y be
qDetained f r o m a n y F e d e r a l R e s e r v e B a n k or Branch,
0O 0
TBusm m v m m m
Washington
fOS RELEASE, MORNING NEWSPAPERS,
Tuesday, February n , 1 & 7 .
Press Service
The Secretary of the Treasury announced last evening that the tenders for
*1,300,000,000, or thereabouts, of 91-day Treasury bills to to dated February «
and to
mature Kay IS, 19k7, which «ere offered on February 7, 19b7, were opened at the Federal
Reserve Banks on February X0.
The details of this issue are as follows §
Total applied for — Rl.?7i n o n m
Total accepted
-
l ^ l ^ O O Q
(include, *19,239,000 entered on a fixed-price
Average price
- 99.90$/ B q u i v a t o n ^ ^ * t f ^ i S u S f • ¡ ¡ S ^ e S i S « m u m
Range of accepted competitive bidet
High
~
- 99.905
Sq^valsnt rate of diecount approx. 0.372$ per annua
•
"
«
»
■
0.376$ •
•
(72 percent of the amount bid for at the lor price was accepted)
Federal Reserve
Distriot______
Boston
Sev Tork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* Louis
Minneapolis
Kansas City
hftilug
San francisco
Total
Applied for
Total
Accepted_____
$
*
3,160,000
1*332,980,000
26.583.000
3.005.000
u ,5 0 $ ,o o o
.220.000
278,728,000
17.703.000
1.035.000
20.638.000
3.325.000
8
fa6pli35*QQQ
TOTAL
*1,773,319,000
2 ,320,000
983,91*0,000
20.703.000
3.005.000
-- n , 071,000
.
¡*,
6 120.000
20 528,000
13.169.000
1,035,000
15.570.000
3,01*5,000
37,h75,000
*1,301,931,000
TREASURY DEPARTMENT
I.p .
Washington
F O R RELEASE^ M O R N I N G N E W S P A P E R S
Tuesday, F e b r u a r y 11, 19^7______
P r ess S e r vice
No. S-235
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last ev e n i n g
that the te n d e r s f or '$1,300,000,000, or t h e r e a b o u t s , of 91 -day
T r e a s u r y b i l l s to be d a t e d F e b r u a r y 13 a nd to m a t u r e M a y 15,
19^7, w h i c h were o f f e r e d on F e b r u a r y 7, 19^7, were o p e n e d at
the F e d e r a l R e s e r v e B a n k s on F e b r u a r y 10.
T h e d e t a i l s of tiiis issue are as follows:
T o t a l a p p l i e d for - $ 1 , 7 7 3 , 3 1 9 , 0 0 0
Total accepted
1,301,981,000
Average price
-
99.905
( i n cludes $ 1 9 , 2 3 9 , 0 0 0 e n t e r e d
on a f i x e d - p r i c e b a s i s at
99.909 e nd a c c e p t e d in full)
-A Equiv. rate of d i s c o u n t approx.
0 .376/0 per a n n u m
R a n g e of a c c e p t e d c o m p e t i t i v e bids:
H i g h - 9 9 . 9 0 6 Equiv,. rate
Low
- 99.905
"
i "
(72 p e r c e n t
of d i s c o u n t a p p r o x 0.372$ p e r a n n u m
,f
"
”
0.376$
"
"
of the amou n t b i d for at the l o w p r i c e was a c c e p t e d )
Federal Reserve
District
Total
A p p l i e d for
b
Boston
New York
Philadelphia
Cleveland
Ri chmo n d
Atlanta
Chicago
S t . Loui s
Minneapolis
Kansas City
Dallas
San F r a n c i s c o
TOTAL
3 ,160 ,000
.352 ,980,000
26 ,583,000
Total
Accepted
I
m
3,005, 000
11,505, 000
8 ,220,000
278 ,728 ,000
17,705, 000
1,035, 000
20,638 ,000
3,325, 000
46,435, 000
2 ,320,000
983,9^0,000
20,703,000
3,005,000
11,071,000
6,120,000
20^,528,000
13,169,000
1,035,000
15,570,000
3 ,045,000
3 7 ,475,000
$ 1 ,773,319, 000
A
1 301 ,981,000
f 1,
the Government Printing Office, Procurement Division, and the
Bureau of Accounts of the treasury Department*
Baring the
Second World War, Mr. Banning served in Italy with the Allied
Control Commission in the capacity of Lieutenant-Colonel,
~
ft.
2
-
In recognition of his valuable work on
this committee, he was transferred »eit the
if thin IB ....
to the
^SSKNKBBSP Department
tfoa Secrct-aga
to assist in carrying
out plans for consolidation of disbursing activities.
date, he has served in the
Since that
Division of Disbursement
successively as Chief of Field Operations, Assistant Chief of the
- n j ^
ftr Chief Disbursing Officer
I Mr. Brennan was co-author of the first home study course for
Jn i— i'i
reserve army finance officers and wrote much of the procedure
governing the disbursement of public funds.
He has lectured before
army finance and commercial schools on Government accounting and
disbursing.
fcA(uch of the success of the mechanizartion program of the Division of Disbursement is due to his constant
efforts to find new and more efficient and economical production
methods.
Brennan will be succeeded by-itef Haul D. Banning, who is
now connected with the Division of Disbursement as Assistant Chief
Disbursing Officer.
i»—
l Mr. Banning has had wide experience in Government fiscal matters.
•4mm
various
gained through many years’ service with
agencies, including the Farm Credit Administra-
tion, the Federal Security Agency, the Bureau of Internal Revenue,
,
S^2
JtL
Emmett J. Brennan, Chief Disbursing Officer,
whose signature on U. S. Government checks is familiar
to millions of people the world over, will retire March 1 .
f M r * -Brennan served as Assistant Chief Disbursing Officer since
the Division of disbursement was created in 1 9 3 3 , until October 1 ,
19^5, when he was appointed as Chief Disbursing Officer, succeeding
Cny F. Allen, retired.
Jjtn
issuing an average of 14,000,000 checks %ft month,
¿¡UpéffttCf
• Mr. Brennan
5 S0 bonded assistants and 40 bonded
check signers stationed in principal cities throughout the world*
ria - f*"1irtTiIIII" IIT ... .
*.. ^li!
"U'L" M L" '
M ills1
[m t . Brennan was b o m February IS, 1SS2, in Cambridge, M a s s a
chusetts.
He
I9 0 7.
i-refti
r iM^rini.
in.avejffy<.iligl
Qp.l
cl
c,^ ,f..r^3aar
/
entered Ihe* Bua'*An* of the Federal
in
During the first World War, he was Chief of the Funding
and Accounting Division, Office of the Chief of Finance, U. S. Army,
and acted as liaison officer in fiscal matters between the War De
partment and the Treasury Department and General Accounting Office.
^ k i d e with the Office of the Army Chief of Finance during the
XAsOk***
first World War, Mr. Brennan devised a system of disbursing and
K
assssa&iai# the principles of which are still in n r hi 11 rniwmilimi 1»
j^^^the request of the Secretary of the Treasury, Mr. Brennan
was detailed to the Treasury Department in 1933 to serve on a
committee to formulate plans for consolidation of disbursing func
tions into a central disbursement div3 sian»£g^^§ ^ £ ^ 1
*
S 6
TREASURY DEPARTMENT
Vashington
F O R I M M E D I A T E RELEASE,
Tuesday, F e b r u a r y II, 1947
Press Service
No. S-236
S e c r e t a r y S n y d e r t o d a y a n n o u n c e d that E m m e t t J. Br e n n a n ,
C h ief D i s b u r s i n g Officer, whose sig n a t u r e on U. S. G o v e r n m e n t
checks is f a m i l i a r to m i l l i o n s of p e o p l e the w o r l d over, will
retire M a r c h 1.
Mr. B r e n n a n served as A s s i s t a n t C h i e f D i s b u r s i n g O f f i c e r
since the D i v i s i o n of D i s b u r s e m e n t was c r e a t e d in 1933, until
Oc t o b e r 1, 1945, w h e n he was a p p o i n t e d as C h i e f D i s b u r s i n g
Officer, s ucceeding G u y F. Allen, retired.
In i s suing an av e r a g e of 1 4 , 0 0 0 , 0 0 0 checks a month,
Mr. B r e n n a n supervises 5 8 0 b o n d e d a s s i s t a n t s and 40 bonded
c h e c k signers s t a t i o n e d in p r i n c i p a l cities t h r o u g h o u t the
world.
Mr. B r e n n p n wa s b o r n F e b r u a r y 18, 1882, in C a m b ridge,
Massachusetts.
He e n t e r e d the F e d e r a l service in 1907. D u r i n g
the f i rst W o r l d War, he was C h i e f of the F u n d i n g a n d A c c o u n t
ing Div i s i o n , O f f i c e of the C h ief of F i n a n c e , U. S. Army, and
a c t e d as l i a i s o n of f i c e r in f i scal m a t t e r s b e t w e e n the W a r
D e p a r t m e n t a n d the T r e a s u r y D e p a r t m e n t and G e n e r a l A c c o u n t i n g
Office.
W h i l e w i t h the O f f i c e of the A r m y C h ief of F i n a n c e d u ring
the f i r s t W o r l d War, Mr. B r e n n a n d e v i s e d a s y s t e m of d i s b u r s
ing f or the V"ar D e p a r t m e n t , the p r i n c i p l e s of w h i c h are still
in use.
A t the r e q u e s t of the S e c r e t a r y of the T r e asury, Mr.
B r e n n a n was d e t a i l e d to the T r e a s u r y D e p a r t m e n t in 1933 to
serve on a com m i t t e e to f o r m u l a t e p l a n s for c o n s o l i d a t i o n
of d i s b u r s i n g f u n c t i o n s into a central d i s b u r s e m e n t division.
In r e c o g n i t i o n of hi s va l u a b l e w o r k on this committee,
he was t r a n s f e r r e d to the D e p a r t m e n t to a s s i s t in carrying
out p l ans f or c o n s o l i d a t i o n of d i s b u r s i n g acti v i t i e s .
Since
that date, he has served in the D i v i s i o n of D i s b u r s e m e n t s u c
c e s s i v e l y as C h i e f of F i e l d Operations, A s s i s t a n t Chief of
the D i v i s i o n , a nd Chief D i s b u r s i n g Officer.
2
Mr. B r e n n a n was
c o - a u t h o r of the first
f or r e s e r v e a r m y f i n a n c e o f f i c e r s and w r ote
cedure g o v e r n i n g the
d i s b u r s e m e n t of p u b l i c
l e c t u r e d b e f o r e a r m y f i n a n c e and commercial
m e n t a c c o u n t i n g a n d d i s b ursing.
hom e s t udy course
m u c h of the p r o
funds. He
has
schools on G o v e r n
M u c h of the success of the m e c h a n i z a t i o n p r o g r a m of the
D i v i s i o n of D i s b u r s e m e n t is due to h i s const a n t e f f o r t s to
f i n d n e w and m o r e e f f i c i e n t and e c o n o m i c a l p r o d u c t i o n m e t h o d s ,
Mr. B r e n n a n will be s u c c e e d e d b y Paul D. B a n ning, who is
n o w c o n n e c t e d w i t h the D i v i s i o n of D i s b u r s e m e n t as A s s i s t a n t
C h i e f D i s b u r s i n g Officer.
Mr. B a n n i n g h a s h a d w ide e x p e r i e n c e in G o v e r n m e n t f i scal
mat t e r s , g a i n e d t h r o u g h m a n y y e a r s ’ service w i t h v a r ious
F e d e r a l agencies, i n c l u d i n g the F a r m C r e d i t A d m i n i s t r a t i o n ,
the F e d e r a l S e c u r i t y Agency, the B u r e a u of Internal R e v e n u e ,
the G o v e r n m e n t P r i n t i n g Office, P r o c u r e m e n t Division, and
the B u r e a u of A c c o u n t s of the T r e a s u r y D e p a r t m e n t .
During
the S e c o n d W o r l d War, Mr. B a n n i n g served in I t a l y w i t h the
A l l i e d C o n t r o l C o m m i s s i o n in the c a p a c i t y of L i e u t e n a n t Colonel,
A r m y of the U n i t e d States.
0O 0
WHEN This JtlELEASE HAS BEEN MXMEütiitáHíÜii) >
PLEASE POitWAüD 8 COPIES TU KUüM 4-03, WILKINS BLDG.
¡ary figures showing the
I limitations provided
ne quota periods to
.
Unit
:Imports at
of
:of Feb. 1
: Quantit
19 U 7
9
9
9
«y
¡■¿ m i - , . . ___ u i
.1
........................
-
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish
Calendar year
White or Irish potatoes:
certified seed
other
1 2 months from
Sept. 15, 19*46
Tt
,000
Gallon
755
;*000
Gallon
131
1 5 »0 0 0 ,000
Pound
1 ,56 0 ,SOU
9 0 ,000,000
60*000,000
Pound
Pound
8 8 ,8 6 5 ,77*4
1 1 ,6 0 2 ,0 2 1
22,0 0 0 ,000
Pound
(unstemmed
Quota
équivalent) Filled
|
Cuban filler tobacco un«*
stemmed or stemmed (other
than cigarette leaf tobacco)
and scrap tobacco
Calendar year
Red cedar shingles
Calendar year
Square
1 2 0 ,0 5 3
1 *500,000
Gallon
—
Month of
January
Canada
17*5 0 0
Other than Canada 7*500
Number
Number
609
i,07U
Undetermined
Molasses and sugar sirups
containing soluble non«*
sugar solids equal to more
than 6# of total soluble
solids
Calendar year
Silver or black foxes, furs,
and curtióles: Foxes valued
under $250 each and whole
furs and skins
fails
1 2 months from
Dec. 1, 3.9*46
5*000 Piece
Paws, heads or other
separated parts
tt
500
Pound
Piece Plates
h
550
Pound
Articles, other than
piece plates
tt
500
Unit
1
•*—
15
* | jjr^
i
February .jay 19^-T
The Bureau of Customs announced today preliminary figures showing the
imports for consumption of commodities within quota limitations provided
for under trade agreements, from the beginning of the quota periods to
February 1, I9U 7 , inclusive as follows:
•
•
: Unit
:Imports as
:
Established Quota
:
of
:of Feb. 1
:Period and Country: Quantity : Quantity:
19^7
Commodity
Whole Milk, fresh
or sour
Calendar year
3 ,000,000
Gallon
T55
Cream, fresh or sour
Calendar year
1 ,500,000
Gallon
131
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish
Calendar year
1 5 ,000,000
Pound
1 ,56 0 ,801+
9 0 .000.
60.000.
000
Pound
000
Pound
8 8 ,8 6 5 ,7 7 H
1 1 ,6 0 2 ,0 2 1
2 2 ,000,000
Pound
(unst emmed
Quo ta
equivalent) Filled
White or Irish potatoes:
certified seed
other
; .
y /
.
VH
1 2 months from
Sept. 15*
IS^S
/
,
■
Cuban filler tobacco un**
stemmed or stemmed (other
than cigarette leaf tobacco)
and scrap tobacco
Calendar year
Bed cedar shingles
Calendar year
Undetermined
Molasses and sugar sirups
containing soluble non«*
sugar solids equal to more
than 6# of total soluble
solids
Calendar year
Silver or black foxes, furs,
and articles: Foxes valued
under $250 each and whole
furs and skins
Tail 8
Square
1 ,500,000
Gallon
Month of
January
Canada
1 7 ,5 0 0
Other than Canada 7*500
Humber
Dumber
1 2 months from
Dec. 1, 19*+6
Paws, heads or other
separated parts
ti
Piece Plates
N
Articles, other than
piece plates
H
1 2 0 ,0 5 3
609
1 ,071+
1
5,000 Piece
500
Pound
550
Pound
500
Unit
—
15
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, February 12, 1947.»
Press Service
No, S-237
The Bureau of Customs announced today preliminary figures showing the
imports for consumption of commodities within quota limitations provided
for under trade agreements, from the beginning of the quota periods to
February 1, 1947, inclusive as follows:
Commodity
:
:
Unit
: Imports as
s_____ Established Quota_______ :
of
: of Feb, 1
:Period and Country: Quantity : Quantity:
1947
Whole Milk, fresh
or sour
Calender year
3,000,000
Gallon
75 5
Cream, fresh or sour
Calender year
1 ,500,000
Gallon
131
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish
Calender year
15 ,000,000
Pound
1,560,804
90.000,000
60.000,000
Pound
Pound
88,865,774
11,602, 021
22,000,000
Pound
(unstemmed
equivalent)
White or Irish potatoes:
certified seed
other
12 months from
Sept, 15, 1946
Cuban filler tobacco unstemmted or stemmed (other
than cigarette leaf tobacco)
and sc^ap tobacco
Calendar year
Red cedar shingles
Calender year
Undetermined
Molasses and sugar sirups
containing soluble non
sugar solids equal to more
than 6% of to tail soluble
solids
Calender year
Silver or black foxes, furs,
and articles: Foxes valued
under $250 each and whole
furs and skins
Tails
1 ,500,000
Month of
January
Canada
Other than Canada
12 months from
Dec, 1, 1946
17,500
7,500
Square
Quota
Filled
120,053
Gallon
Number
Number
5,000
Piece
609
1,074
1
Paws, heads or-other
separated parts
t»
500
Pound
—
Piece Plates
11
550
Pound
—
Articles, other than
piece plates
it
500
Unit
15
—■*
i
« a
PLKa ^
THIS RjsLfcASü; H ä ü B i M MllvihiU&iiAhHBD,
FORWARD 8 COPIiSB xü ROOM 403, WILKINS BLDG,
Origin
:Established
:
Quota
(Bushels)
Canada
795,000
China
Hungary
'long Kong
Japan
Unit ed Kingdom
10 0
Australia
•
Germany
10 0
Syria
10 0
few Zealand
—
—
Jhile
(fatherlands
10 0
Argentina
2 ,0 0 0
Italy
10 0
.)uba
—
franc e
1 ,0 0 0
Greece
fexi co
10 0
ianama
- [
:ruguay
bland and Danzig
Sweden
- '
:ug os-1 ,avia
-orway
Canary Islands
—
iumania
1 ,0 0 0
ruat emala
10 0
Srazil
10 0
inion of Soviet
Socialist Republi cs
10 0
Belgium
10 0
800,000
figures showing the
|awn from warehouse, for
i President’s proclamation
•mations of April 13, 1942,
:9, 194)6, as follows:
Wheat flour, semolina,
crushed or cracked
wheat, and similar
.......1
wheat uroducts
:
Imports
.•Established :
Imports
:May 29, 1946, to :
Quota
: May 29, 1946,
:Feb. 1. 19k7
:
: to Feb. 1, 1$?U7
(Bushels)
(Pounds)
(Pounds)
Z$2
w
—
—
—
—
w
—
_
'«»y
—
,
—
•» 1
a.
—
—
‘mm
—
T
3,815,000
24.000
13.000
13.000
75,000
1 ,0 0 0
5,000
5,000
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
14,000
2 ,0 0 0
1 2 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
m
,302 J
728
1 ,1*80
1 ,0 0 0
mm
mm
-
-
-
, Î5?
4,000,000
996,510
oOn
if
FOR IMMEDIATE RELEASE,
9"
s
February 3X$ 19hl_______
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established, in the President’s proclamation
of May 28, 1941, as modified by the President’s proclamations of April 13-, 1942,
and April 29, 1943, for the 12 months commencing May 2S, 194.6, as follows:
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
Established :
Imports
Quota
: May 29, 1946,
: to Feb* 1, 1$>I
(Pounds)'
(Pounds)
Wheat
Country
of
Origin
■■"
Established
Quota
(Bushels)
Canada
795,000
China
Hungary
Hong Kong
■
Japan
United Kingdom
10 0
Airstrail a
3-ermany
10 0
Syria
10 0
lew Zealand
—
—
Jhile
Netherlands
10 0
Argentina
2 ,0 0 0
Italy
'
10 0
Cuba
—
France
1 ,0 0 0
Greece
Mexico
10 0
|.onarna
- i
'ruguay
Pland and Danzig
Sweden
Jugoslavia
-■
•orway
*anary Islands
—
iumania
1 ,0 0 0
i-uat emala
10 0
Brazil
10 0
Jnion of Soviet
Socialist Republics
100
Belgium
10 0
-
1
•_
:
Imports
:May 29, 1946, to
:Feb. 1. 19li7
(Bushels)
252
—
—
w
—
—i
■—
—
—
—
—
—
—
—
j
—
,
—
•
—
—
—
—
:
3,815,000
24,000
13,000 .
13,000
8 ,0 0 0
75,000
1 ,0 0 0
5,000
5,000
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
14,000
2 ,0 0 0
12 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
1 ,0 0 0
993,3 0 2 .
728
1 ,U80
mm
mm
.
mm
m_
mm
.
,—m
'mm
mm
1 ,0 0 0
’
mm
mm
mm
mm*'- '
«w
mm.
mm
mm
flm
mm
-
-
800,000
4,000,000
oOo-
£
mm
.
mmm
'
-'
9?6,5ib
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday» February 12« 1947
Press Service
No* S-238
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the President’s proclamation
of May 283 1941* as modified by the President’s proclamations of April 13* 1942,
and April 29, 1943* for the 12 months commencing May 29, 1946, as follows:
t
Wheat
Country
of
Origin
Established
Quota
(Bushels)
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
.argent in a
Italy
Cuba
Franc e
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
:
sMay 29, 1946, to
Feb,, 1, 1947
(Bushels)
795*000
—
100
—
100
100
«*
—
100
2,000
100
—
1,000
252
—
—
—
—
—
—
—
-
—
100
—
—
—
1,000
100
100
4*
'
100
100
-
800,000
252
*oOcw
Wheat flour, semolina,
:
crushed or cracked
:
wheat, and similar
i
wheat products
: Established : Imports
;
Quota
:May 29*1946,
s
:to Feb 1,19 47
(Pounds)
(Pounds)
3,815,000
2 4 ,0 0 0
1 3 * 000
13,000
8,000
75*000
1,000
5* 000
5, 000
1,000
1,000
1, 000
1 4 * 000
2, 000
12,000
1,000
1, 000
1,000
1, 000
1,000
1, 000
1, 000
1,000
1,000
1,000
—
-
—
«*•
4 * 0 0 0 ,0 0 0
993,302
7 28
1,480
—
1, 000
-
-
—
-*■•
9 9 6 ,5 1 0
¡y.» •
>
'
.
2
COTTON.. CARD STRIPS made from cottons having a staple of less than 1-3/16 inches
in length, COMBER UASTE, LAP WASTE, SLIVER UASTE, AND ROVING WASTE, WHETHER
OR .ROT MANUFACTURED OR OTHERWISE ADVANCED- IN VALUE. Annual quotas commencing
September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3- percent of the quotas
shall be filled by cotton wastes other than comber wastes made from cottons
of 1-3/16 inches or more in staple length in the case of the following
countries;'.. United Kingdom, France* Netherlands, Switzerland, Belgium,
Germany, and Italy;
*
(In Pounds)
Established * TOTAL IMPORTS
Country of Origin ;
TO TAL Q,IJOTA : Sent • 20, 1946,
. • to Feb. 1, 1947
.• \
«
. •
—— -
China........... .
Egypt...,............
Cuba............... .
Germany,......... ..
Xtelly «•• ** ♦*.»•♦****•
'4,323,457
239,690
227,420 69,627
68,240 ,
44,388 38,559
341,535
17,322
8,135
6,544
76,329
21,263
TOTALS
5,482,509 ~
United Kingdom..,'.*,
Canada
France........».....
British Indie......♦
Nethe-rlands. ........
Switzerland.........
Belgium....... .
l/
'60,064
- ..
69,627
- .
—
6,347
— .
' —
136,038
Included in total imports, column 2,
-oOo-
ESTABLISHED ; . IMPORTS
33-1/3$ of : Sept. 20, 194
Total Q,uota ; tc#eb. 1,
U
1947
1,441,152
75,807
22,747
14,796
12,853
25', 443
’7,088
'—
—
—
—
— '
—
.. —
—
1,599-, 886-
—
-
when
THIS RELEASE HAS B W
PLEASE FORWARD
iminary reports from the
ton vaste chargeable• to the '
at ions *of. ..Septàrabe r .5, •1939,
March "31, 194?» 'and. June
ebruary 1, 1947. * 11-
MIMEOGRAPHED,
8 COPIES TU ROOM 403, WILKINS BLDG.
DTHÉR TEAK' HARSH ■OH ROUGH ;
DHIEELY.U SED.I¥ THE: MANU- ;
ILIFTERS ). '.Annual' quotas
~
|i
country.oi
Country.of
Origin
'i ' .Staple-length-less . ’..Staple length 1-1/8" or more
v•
than 1-l/ffl1
• ■
-but.less' than 1-11/16'+
. ,
• .'bmnrt
^
1
V4tiL
^
Imports
Sept, ; v
•: iImports.
Sept.
Established
■•
/ " ' ■
-
S.vSfcrJ Established; '20,* 1946, ;to* :
Quo ta :
Quo ta
Feb. 1, 1947 : 45,6561420
Egypt and the Anglo- ,
Egyptian Sudan. ..,,. .,
P
e
r
u
.
*.....,. .
British India......'.....
China...,....... ... . .,.,
Mexico,............ . ...
Brazil,................
Union of Soviet
Socialist Republics..,
Argentina.... ,>.......
Haiti..,..,,...,.;’
.*,...
Ecuador......
Honduras...... .',1 w v;.f
iJ,
Paraguay,. . .
;; *
Colombia........ .
Iraq. ....................
British East Africa..,.,
Netherlands East Indies.
Barbados............ .
Other British T‘rest
Indies 1 / ...... .......
Nigeria.................
0 the r B ri t ish lie st
Africa 2 / ........... .
Other French Africa. 3/.,
Algeria and Tunisia....
1/
2/
3/
783,816"
247,952
2,003,483
1,370,791
8,883,259
618,723
475,124'
5,203
237
9,333
752
.871
124
195
2,240
71,388
21,321
5,377
■■ ...... •-M
gi
*•*.*•.
'• 36 ,41 4 -,6 7 3
•'V,-209,346
». '7 * ,'r‘VrV
;
** **’ **■/ :•'
v *** *
•••
*1* * ’V 1.’ •• • '
— ■
223,290
973,010
— :■
8,883,259
618,723
,
B$7
.
5,081
.
* tr .
.*
.
■— ;;
—
'- :: ' --:
- '
»
; 20,*1946, 'to
Febé 1, 19 4 7
** '‘3 1 ’
,900
’? ‘.jjjX* Î-%mm.
* * * * *f* % *| •‘
mm
'* "■"r r£ ‘ '■‘ • i'-?-w
**
**/.•; ■■— ■ .
--
c.."
..
•¥
'■..**.mm* ■> •
—
..
-Ji
* ••
—
—
mm\
—
501
—
—
16,004
689
-
—
14,516,882
10,704,220
-
*
'
-
mm»
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar.
(
(yA/-^ )
45,656,420
ji'GJE î^jMpDLâTB üSLSÂSiü
February 33?. 194-7
/
The Bureau Of Customs announced today- that preliminary reports from the
collectors of ch'stoms s h o w imports of: cotton and- cotton waste chargeable- to the'
import auotas established hy -the Presi.dent 1s „proclamatzone"of. September .5, 1939,
as amended "by the proclamations of December 1.9, 1940, .March "31, i19'4SVj:and '-June
29, .1942, ...during the period September 20, 1946, to February I, 1947. COTTON RAVING'A STAPLE OF LESS ’THAN-1-11/16 INCHES." (OTHER THAN"'HARSH .OS -ROUGH
COTTON OR, ¿ESS THAN 3/4 INCH IN STAPLE ,LENGTH -A N D .CHIEFLY USED IN:
?THE: MANTJ- ;
EACTUSE OE BLANKETS ''AITS' BLANKETING, .AND OTHER:THAN ¿INTERS). .‘Annual-' quotas
commencing September 20, by Countries of Origin:
-'
r
(In Pounds)
Country.of
Origin
-
.
r■ .Staple'•-length- less
: Staple length 1-1/8" or more
v ', ;
than 1-1/8" : : .;• ■ b u t .legs than 1-11/16w..
'.",
Imports Sept.; Established.-: •Imports. Sept.
Established: '20/ 1946, >to ':
Quota:
: 20, 1946, 'to
Quota
:Feb.> 1, 1947 : 45,656; 420 Feb. 1,- 1947
Egypt and the AngloEgyptian Sudan....,. .,
7855,816"
PeruT.... ,..... .
247,952
British India...........
2,003,483
China.... ...... .'.../..
1,370,791
Mexico*.... .......
8,883,259
Brazil,......... ........
618,723
Union of Soviet
475,124'
Socialist Republics..,
Argentina....
5,203
Hai t i ..............,....
237
Ecuador. .....
.......
.9,333
752
Honduras. .....
Vw;
.,,J,
P a r a g u a y , ;||
.....
.8.71
124
Colombia.
195
Iraq
2,240
British East Africa.....
Netherlands East Indies.
71,388
Barbados. ...............
Other British t,fest
21,321
Indies 1 / .............
5,377
Nigeria .............. ..
Other British Nest
16,004
Africa 2 / ..... .......
689
Other French Africa.3/..
Algeria and Tunisia ....
14,516,882
1J
2/
3/
223,290
973,010
36,W , 673
• • - • •9,209,346 -
,
♦ ••»...- „•
8,883,259
618,723
.
.
" ' t'."
85?
5,081
!
’’'s ;
‘
■ ’|J
.■
- :■
■
■......—
—
— .. .••V' • ,
—
-
II* ••.
•
**• •31,900
‘‘*5
.* — ■
‘* * * *
-'
’■4 î' ''’— ■ "
IvJOS
.......... * —
a
,
—
■
!•
'-
501
-
—
—
-
-
10 ,704,220
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar.
(
(y^l/As' )
—
-
45,656,420
TREASURY DEPARTMENT
Washington
FDR IMMEDIATE RELEASE
Press Service
No* s""239
Wednesday. February 12, 1947
The Bureau of Customs announced today that preliminary reports from the
collectors of. customs show imports of cotton and cotton waste chargeable to the
import quotas established by the President’s proclamations of September 5, 1939*
as amended by the proclamations of December 19, 1940, March 31, 1942, and June
29, 1942, during the period September 20, 1946, to February 1, 1947*
COTTON HAVING A STAPLE OF LESS THAN l-ll/l6 INCHES (OTHER THAN HARSH OR ROUGH
COTTON OF LESS THAN 3/4 INCH IN STAPLE LENGTH AND CHIEFLY USED IN THE MANU
FACTURE OF BLANKETS AMD BLANKETING, AND OTHER THAN LINTERS). Annual quotas
commencing September 20, by Countries of Origin;
(In pounds)
Country of
Origin
Staple 1 ength less
than 1-1/8”
Imports Sept.
Established: 20^ 1946, to
Quota
:Feb. 1, 1947
Egypt and the Anglo783,816
Egyptian Sudan......
247,952
Peru......... .
British India.......... . 2,003,483
. 1,370,791
China............ .
Mexico......'.......... . 8,883,259
618,723
Brazil................
Union of Soviet
. 475,124
Socialist Republics.. .
5,203
Argentina......... ....
237
Haiti,............... . .
9,333
Ecuador................
752
Honduras*..............
871
Paraguay.............. .
124
Colombia.............. .
195
Iraq..... .............
.
2,240
British East Africa....
71,388
Netherlands East Indies .
—
Barbados............... .
Other British West
.
21,321
Indies l/....... .
5,377
Nigeria..... ...........
Other British West
16,004
Africa 2/..... ...... .
689
Other French Africa 3/•
Algeria and Tunisia....
14,516,882
l/
2/
3/
Staple length 1-1/8" or more
but less than l-ll/l6"
Imports Sept.
Established
20,
1946, to
Quota
Feb* 1, 1947
45,656,420
223,290
973,0 10
8,883,259
618,723
36,414,673
9 ,209,346
—
857
5,081
—
—
—
—
—
—
—
—
~
31,900
—
—
501
—
—
—
—
_
—
-
10,704,220
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago.
Other than Gold Coast and Nigeria
Other than Algeria, Tunisia, and Madagascar.
4 5 ,656,420
-
2
-
COTTON CARD STRIPS made from cottons having a staple of less than 1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN .VALUE. Annual quotas commencing
September 20, by Countries of Origin:
Total quota, provided, however, that not more than 33-1/3 percent of the quotas
shall be filled by cotton wastes other than comber wastes made from cottons
of 1-3/16 inches or more in staple length in the case of the following
countries: United Kingdom, France, Netherlands, Switzerland, Belgium,
Germany, and Italy:
(In pounds)
♦ Established ; TOTAL IMPORTS ’ , ESTABLISHED
Country of Origin : TOTAL QUOTA : Sept. 20, 1946, ♦ 33-1/356 of
to Feb, 1, 1947 { Total Quota
United Kingdom......
Canada........ .
France..............
British India..... .
Netherlands.........
Switzerland........
Belgium............
Japan.... .......
China..............
Egypt...............
Cuba...............
Germany............
Italy..............
TOTALS
1/
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263
5,482,509
•
IMPORTS
Sept. 20, 1946
to Feb. 1,1947
_
—
—
—
—
—
"
1,441,152
75,807
22,747
14,796
12,853
—
—
—
25,443
7,088
136,038
1,599,886
-
60,064
69,627
6 ,3 4 7
—
Included in total imports, column 2.
-oOo
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Monday, February 17, 19U7.______
Press Service
No. s-24-0
The Secretary of the Treasury today announced the offering, through the
Federal Reserve Banks, of 7/8 percent Treasury Certificates of Indebtedness
of Series C-19U8, open on an exchange basis, par for par, to holders of
Treasury Certificates of Indebtedness of Series 0-1914-7, in the amount of
$3,133,009,000, which will mature on March 1, 19k7. Since it is planned to
retire about $ 1 ,000,000,000 of the maturing certificates on cash redemption,
subscriptions will be received subject to allotment to all holders on an
equal percentage basis, except that subscriptions in amounts up to $ 25,000
will be allotted in full. Cash subscriptions will not be received.
The certificates now offered will be dated March 1, 19U7, and will bear
interest from that date at the rate of seven-eighths of one percent per
annum, payable with the principal at maturity on March 1, 19U8. They will
be issued in bearer form only, in denominations of $ 1 ,000, $ 5 ,000, $ 10 ,000,
$ 100,000 and $ 1 ,000,000.
Pursuant to the provisions of the Public Debt Act of I9I4I, interest
upon the certificates now offered shall not have any exemption, as such,
under Federal tax Acts now or hereafter enacted. The full provisions re
lating to taxability are set forth in the official circular released today.
Subscriptions will be received at the Federal Reserve Banks and Branche
and at the Treasury Department, Washington, and should be accompanied by a
like face amount of the maturing certificates.
The subscription books will close for the receipt of all subscriptions
at the close of business Wednesday, February 19.
Subscriptions addressed to a Federal Reserve Bank or Branch or to the
Treasury Department, and placed in the mail before midnight February 19,
will be considered as having been entered before the close of the subscrip
tion books.
The text of the official circular follows:
\
UNITED STATES OF AMERICA
7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES C-19U8
Dated and bearing interest from March
1, 19i;7
Due March 1, 19H8
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, February 17, 19U7»
19U7
Department Circular No. 801
Fiscal Service
Bureau of the Public Debt
I.
OFFERING OF CERTIFICATES
1, The Secretary of the Treasury, pursuant to the authority of the
Second Liberty Bond Act, as amended, invites subscriptions, at par, from
the people of the United States, for certificates of indebtedness of the
United States, designated 7/8 percent Treasury Certificates of Indebtedness
of Series C-19U8, in exchange for Treasury Certificates of Indebtedness of
Series C-19ur’, maturing March 1, 19)47. Approximately $1,000,000,000 of the
maturing certificates trill be retired on cash redemption.
II.
DESCRIPTION OF CERTIFICATES
1. The certificates will be dated March 1, 19U7* and trill bear interest
from that date at the rate of 7/8 percent per annum, payable with the prin
cipal at maturity on March 1, 19U8. They will not be subject to call for
redemption prior to maturity.
2. The income derived from the certificates shall be subject to all
Federal taxes, now or hereafter imposed. The certificates shall be subject
to estate, inheritance, gift or other excise taxes, vdiether Federal or
State, but shall be exempt from all taxation now or hereafter imposed on
the principal or interest thereof by any State, or any of the possessions
of the United States, or by any local taxing authority.
3.
moneys.
The certificates Y f i l l be acceptable to secure deposits of public
They v/ill not be acceptable in payment of taxes.
li. Bearer certificates will be issued in denominations of $1,000,
$$,000, $10,000, $100,000 and $1,000,000. The certificates v/ill not be
issued in registered form.
$. The certificates will be subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing „United States
certificates,
III.
SUBSCRIPTION AND ALLOTMENT
1. Subscriptions will be received at the Federal Reserve Banks and
Branches and at the Treasury Department, Vfashington. Banking institutions
generally may submit subscriptions for account of customers, but only the
Federal Reserve Banks and- the Treasury Department are authorized to act as
official agencies.
2. The Secretary of the Treasury reserves the right to reject any
subscription, in whole or: in part, to allot less than the amount of certifi
cates applied for, and to close the books as to any or all subscriptions at
any time without notice; and any action he may take in these respects shall
be final. Subject to thepe reservations, subscriptions for amounts up te
and including $ 25,000 will be allotted in full, and subscriptions for amounts
over $ 25,000 will be allotted to all holders on an equal percentage basis,
but not less than $25,000 on ary one subscription. The basis of the allot
ment will be publicly announced, and allotment notices will be sent out
promptly upon allotment.
IV.
PAYMENT
1. Payment at par for certificates allotted hereunder must be made
on or before March 1, 19h7> or on later allotment, and may be made only in
Treasury Certificates of Indebtedness of Series C~19H7j maturing March 1,
19it7 j which will be accepted at par, and should accompany the subscription.
V,
GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions, to make allotments on
the basis and up to the amounts indicated by the Secretary of the Treasury
to the Federal Reserve Banks of the respective Districts, to issue allot
ment notices, to receive payment for certificates allotted, to make delivery
of certificates on full-paid subscriptions allotted, and they may issue
interim receipts pending delivery of the definitive certificates.
2. The Secretary of the Treasury may at any time, or from time to
time, prescribe supplemental or amendatory rules and regulations governing
the offering, vrhich will be communicated promptly to the Federal Reserve
Banks.
A. L. M. WIGGINS,
Acting Secretary of the Treasury.
IMM.
- 3 -
sold5 redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills,
#
,
whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. lj.18, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any1 Federal Reserve Bank
or Branch.
Effl
-
2
-
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following which public announcement will be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders ¡will be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for $200,000
or less from any one bidder at 99.905> entered on a fixed-price basis will be
accepted in full.
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
February 20. 19U7
ihe income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other excise taxes,
■whether Federal or State, out shall be exempt from all taxation now or here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
i|2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section ll£ of
the Revenue Act of 19Ul* the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
lira
TREASURY DEPARTMENT
<
Washington
1
^
FOR RELEASE, MORNING NEWSPAPERSv
Friday, February 11+, 1 9 1 + 7 _
The Secretary of the Treasury, by this public notice, invileo tenders for
$ 1,300,000,000 , or thereabouts, of
91
-day Treasury bills, to be issued
on a discount basis under competitive and fixed-price bidding as herej.nafter
provided.
The bills of this series vri.ll be dated
frill mature
May 22, 191+7
February 20,
19i+7
, and
, when the face amount will be payable with-
IS
out interest.
They vri.ll be issued in bearer form only, and in denominations
of ^ 1 ,000, $5 ,000, $ 10 ,000, $ 100,000, $ 500,000, and $ 1 ,000,000 (maturity value).
Tenders frill be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday. February 17, 191+7 »
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $ 1 ,000, and the price offered must be
expressed on the basis of
Fractions may not be used.
100,
with not more than three decimals, e. g.,
99.925»
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
TREASURY DEPARTMENT
Washington
F O R •RELEASE,-;MORNING.-.NEWSPAPERS,
F r i d a y , F e b r u a r y 14 > '19^7
■Press:S e r v i c e
N6. S - 2 4 1 •
.
T h e -Secretary -of the Tre a s u r y , ..by:this p u b l i c ? n o t i c e ,
i n v i t e s t e n d e r s f or $ 1 , 3 0 0 , 0 0 0 > 0 0 0 , or t h e r e a b o u t s , o f '91day .Treasury-bills, to be i s s u e d on a d i s c o u n t b a s i s u n d e r
competitive, and f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r provided.
T h e * b i l l s of this series will -be d a ted - F e b r u a r y 20, 19^7>
a n d w i l l m a t u r e M a y 22, 19^7, w h e n the:.face 'amount will be
p a y a b l e w i t h o u t interest. --.They will be (issued in' b e a r e r
f o r m onlyj and-ii> ^denominations o f $1,000,$5,000,
$10,000,
$100,000, ;$500> 000, an d :$ 1 > 0 0 0 , 0 0 0 -(maturity ¡value).
T e n d e r s will he r e c e i v e d at F e d e r a l . R e s e r v e B a n k s a nd
B r a n c h e s u p t o the c l osing hour, two o.' c l o c k p . m . > E a s t e r n
S t a n d a r d time,, Monday,' F e b r u a r y 17, 19^7.’' T e n d e r s will not
be- received- at the T r e a s u r y D e p a r t m e n t >: W a s h i n g t o n E a c h
.t e n d e r m u s t be fo r an e v e n m u l t i p l e of $ 1; 000, arid the p r ice
o f f e r e d m u s t . b e e x p r e s s e d on the b a s i s of 100, w i t h not m o r e
..than, three, decimals, e . g . , 99.925.
F r a c t i o n s m a y ' n o t be
used.
It Is u r g e d that tenders be m a d e on-the p r i n t e d f o rms
a n d f o r w a r d e d in the special e n v e l o p e s w h i c h will be supplied
b y F e d e r a l R e s e r v e B a n k s or Branches- on a p p l i c a t i o n therefor.
Tenders, will be r e c e i v e d w i t h o u t d e p o s i t f r o m i n c o r p o
r a t e d b a n k s and trust c o m p a n i e s a nd f r o m r e s p o n s i b l e and
r e c o g n i z e d d e a l e r s in i n v e s t m e n t securities.
Tenders from
o t hers m u s t be a c c o m p a n i e d b y p a y m e n t of 2 p e r c e n t of the
face a m o u n t of T r e a s u r y b i l l s a p p l i e d for, u n less the t e n
der s are a c c o m p a n i e d b y an e x p r e s s g u a r a n t y of p a y m e n t b y
an i n c o r p o r a t e d b a n k or„ trust company.
I m m e d i a t e l y a f ter the closing hour, te n d e r s will be
o p e n e d at the F e d e r a l R e s e r v e B a n k s and B r a n c h e s , f o l l o w i n g
w h i c h p u blic a n n o u n c e m e n t will be m a d e b y the S e c r e t a r y of
the T r e a s u r y of the a m o u n t a n d p r i c e r a nge of a c c e p t e d bids.
T h o s e s u b m i t t i n g t e n d e r s will be a d v i s e d of the a c c e p t a n c e
or r e j e c t i o n thereof.
T h e S e c r e t a r y of the T r e a s u r y e x
p r e s s l y r e s e r v e s the r i ght to a c c e p t or r e j e c t a n y or all
tenders, in w h o l e or In part, a nd h i s a c t i o n in a n y such
r e s p e c t shall he final.
Subject to these r e s e r v a t i o n s ,
t e n d e r s f or $ 2 0 0 , 0 0 0 or less f r o m a n y one b i d d e r at 9 9 *905
e n t e r e d on a f i x e d - p r i c e b a s i s will be a c c e p t e d in full.
Pa y m e n t of a c c e p t e d t e n d e r s at the p r i c e s o f f e r e d m u s t be
m a d e or c o m p l e t e d at the F e d e r a l R e s e r v e B a n k in cash or
o t her i m m e d i a t e l y a v a i l a b l e f u n d s on F e b r u a r y 20, 19^7.
- V.2 V
T he i n come d e r i v e d f r o m T r e a s u r y bills, w h e t h e r interest
or g a i n f r o m the sale or other d i s p o s i t i o n of the bills, shall
n o t h a v e a n y exemption, as such, a n d loss, f r o m the sale, dr
o t h e r d i s p o s i t i o n of T r e a s u r y b i l l s shall not h a v e .any:special
t r e a tment, as such, u n d e r F e d e r a l T a x Act s n o w or 'Hereafter
enacted.
T he b i l l s shall be subject to estate, inheritance,
gift, or o t her e x c i s e taxes, w h e t h e r Federal-:or State, but
shall be e x empt f r o m all t a x a t i o n n o w or thereafter i m p o s e d
on the p r i n c i p a l or i n t e r e s t t h e r e o f b y a n y ‘State, or a n y of
the p o s s e s s i o n s of the U n i t e d States, or by. .any local taxing
authority.
F o r p u r p o s e s of t a x a t i o n the a m o u n t of di s c o u n t
at w h i c h T r e a s u r y b i l l s ,are o r i g i n a l l y sold .by the UnitedStates shall be c o n s i d e r e d to be interest.
U n d e r Se c t i o n s
42 and 117(a)(1) of ,the Internal R e v e n u e .Code, as a m e n d e d b y
S e c t i o n 115 of the R e v e n u e A c t of 1941, the a m o u n t of discount
at w h i c h b i l l s i s s u e d h e r e u n d e r are sold shall not be considered
to a c c r u e u n t i l such b i l l s shall be sold, r e d e e m e d or otherwise
d i s p o s e d of, and such bills, are e x c l u d e d from* c o n s i d e r a t i o n as
capital assets.
A c c o r d i n g l y , the o w n e r .of: T r e a s u r y b i lls
(other t h a n life i n s u r a n c e companies) i s s u e d 1.hereunder n e e d
i n c l u d e in M s income tax return, onl y the d i f f e r e n c e b e t w e e n
the p r i c e p a i d f o r such b i lls, w h e t h e r on original issue or
on sub s e q u e n t purchase, a n d the amount, a c t u a l l y receivede i t h e r u p o n sale or r e d e m p t i o n at m a t u r i t y d u r i n g t h e taxable
y e a r f o r which- the r e t u r n is made, as o r d i n a r y g a i n or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 4l8, as amended, and
this notice, p r e s c r i b e the: terms of the T r e a s u r y b i l l s and
g o v e r n the .conditions o f . t h e i r issue.
C o p i e s o f the circular
m a y be o b t a i n e d f r o m a n y F e d e r a l R e s e r v e B a n k or B r a n c h .
intention of making any personal profit out of anything I may
write as a result of my experience as a public servant. This
is in accordance with the practice that I followed when I was
in the Treasury Department and X will adhere to it.
Awv profit
which might be derived from my writings will go to a Foundation
for World Peace of which Mrs. Franklin D. Boosevelt is President,
as was done for my book "Germany Is Our Problem."
I want to again assure you that I stand ready to cooperate
with you at all times.
Sincerely yours,
C'M;
(signed) Henry Morgenthau, Jr.
Honorable John W. Snyder
Secretary of the Treasury
Washington, D. C.
W Mi
1
28$ Madison Avenue
Maw York City
February 13, 194.7
Dear Hr* Secretary*
X aa writing to you in reference to ay so-called "Diary*
wad wish to assure you that we are in full accord in our mutual
desire that the Government should hare its official records« X
wish to cooperate with you fully to attain that end* During ay
tenure of office X sought scrupulously to adhere to this basic
principle*
la addition to the official files of the Treasury Department,
X kept personal papers which were assembled daily and placed in
ay personal fils with Instructions that no official documents
should be included aaong then. These papers newer went into nor
became a part of the Treasury files* Ify long term of Government
service necessarily resulted in a large accumulation of such
personal papers*
Shortly before I left office X gave specific written
instructions that sy papers bs reexamined to aske sure that sy
previous orders had been fully complied with* It was sy belief
when I left Washington,and is still my belief, that no official
papers or records were included la sy personal file, nevertheless,
X will welcome having you or your representative go over them and
will gladly return any papers which are official*«
Ify principal purpose in assembling these papers was to
comply with President Roosevelt's request that such material be
compiled by his Cabinet officers, and others, to become part of
the Franklin D* Boosevelt Library which was established by Act
of Congress on July 18, 1939 as a part of the national Archives*
Xs 1941 X informed the Librarian of Congress that these papers
would go to the Franklin D* Roosevelt Library and agreed to give
copies to the Library of Congress* The Librarian of Congress «##
good «sough to write me that he considered this "generous” and
•an act of friendship toward the Library*" In accordance with this
understanding, arrangements have been made by me to have ay papers
go to the Franklin D* Roosevelt Library under appropriate restrict
tlons as to their use*
Although you are aware of the fact, nevertheless I am
"gain advising you that X have not and at no time did have any
Secretary Snyder announced today that arrangements
have been completed with Henry Morgenthau, Jr. pursuant to
which materials included in Mr. Morgenthau*s so-called «Diary»’
which may be needed to complete the Department’s official
records will be returned for the Department’s files.
Mr. Snyder said:
«Not having seen the Diary I am unable
to state to what extent the materials contained in it are needed
to complete the official Departmental records as to official
matters.
It is nlanned^kwid
W r ^ 0^gB22t i M ^ ( C o examine the material with that end in view.^^^^~
Mr. Snyder also stated that it is the view of the Department
that memoranda prepared by Mr. Morgenthau to aid his recollec/ion
of whe^t may have transpired at meetings and conferences in which
x
'
f
he wâs a participant are not of such a character as to co
/
‘S ééb*
w m h i ^ the purview of what the Department considers to We public
property.
The Department considers such material to ÿe persona]
po h r . Morgenthau •
-
i
:J '
•\
r
8
. .
1i f u
•-
jjjg
«attached is a copy of a letter sent by Mr. Morgenthau to
Ithe Department
■
g
/
confirming the understanding reached.
n
1
\ ipUfU'
'
7 V
/
/
v/ #/
U?
I
Æ Jr
or
n
"
•A
TREASURY DEPARTMENT
Washington
F O R RELEASE, M O R N I N G N E W S P A P E R S ,
Friday, F e b r u a r y 14, 1 9 ^ 7 ______
Press Service
No. S-242
S e c r e t a r y Snyder a n n o u n c e d t o d a y that a r r a n g e m e n t s
h ave b e e n c o m p l e t e d w i t h
Henry Morgenthau,
Jr.,
to w h i c h m a t e r i a l s i n c l u d e d in Mr. M o r g e n t h a u ' s
pursuant
so-called
’’Diary" w h i c h m a y be n e e d e d to complete the D e p a r t m e n t ' s
official r e c o r d s will be r e t u r n e d for the D e p a r t m e n t ' s files,
Mr,
to
Snyder
said:
"Not h a v i n g
seen the D i a r y I am u n a b l e
state to w hat extent the m a t e r i a l s
c o n t a i n e d in it are
n e e d e d to co m p l e t e the official D e p a r t m e n t a l r e c o r d s as to
official m a t ters,
that end in view.
It is p l a n n e d to ex a m i n e the m a t e r i a l w i t h
T his is e n t i r e l y a g r e e a b l e
to Mr, M o r g e n t h a u
w h o s e i n t e g r i t y a nd g o o d f a i t h have n e v e r b e e n q uestioned. V
Mr,
S n y d e r als o stated that it is the v i e w of.,the
D e p a r t m e n t that m e m o r a n d a p r e p a r e d b y Mr. M o r g e n t h a u to aid
his r e c o l l e c t i o n of w h a t m a y hav e t r a n s p i r e d at meeting's and
c o n f e r e n c e s in w h i c h he was a p a r t i c i p a n t are not
of such a
cha r a c t e r as to come w i t h i n the p u r v i e w of what the D e p a r t m e n t
con s i d e r s to be publ i c property.
such m a t e r i a l
to be p e r s o n a l
T he D e p a r t m e n t
to Mr. M o r g e n t h a u ,
A t t a c h e d is a copy of a l e tter
to the D e p a r t m e n t
confirming
c o n s iders
sent b y Mr. M o r g e n t h a u
the u n d e r s t a n d i n g reached.
285 M a d i s o n A v e n u e
New York City
F e b r u a r y 13,
D e a r Mr.
19^7
Secretary:
I am W r i t i n g to y o u in r e f e r e n c e to m y so- c a l l e d
"Diary" and w i s h to a s sure y o u that we are in full a c c o r d
in our m u t u a l d b s l r e that the G o v e r n m e n t should h a v e its
official record^.
I w i s h to c o o perate w i t h y o u f u l l y to
a t t a i n that endl
D u r i n g m y tenure of office I sought
s c r u p u l o u s l y t o - a d h e r e to this basic principle.
In a d d i t i o n to the official f i l e s of the T r e a s u r y
D e p a r t m e n t , I kept p e r sonal p a p e r s w h i c h were a s s e m b l e d
d a i l y and p l a c e d in m y p e r s o n a l file w i t h i n s t r u c t i o n s that
no official d o c u m e n t s s h o u l d be i n c l u d e d among them.
These
p a p e r s n e v e r went into n o r became a part of the T r e a s u r y
files.
M y long t e r m of G o v e r n m e n t service n e c e s s a r i l y r e
sulted in a large a c c u m u l a t i o n of such p e r s o n a l papers.
S h o r t l y before I left office I g a v e specific w r i t t e n
i n s t r u c t i o n s that m y p a p e r s be r e e x a m i n e d to m a k e sure that
m y p r e v i o u s orders h a d b e e n f u l l y c o m p l i e d with,
It was m y
b e l i e f w h e n I left W a s h i n g t o n , a nd is still m y belief, that
n o official p a p e r s or r e c o r d s were i n c l u d e d in m y pe r s o n a l
file.
N e v e r t h e l e s s , I will w e l c o m e h a v i n g y o u or y o u r
r e p r e s e n t a t i v e go over the m a nd will g l a d l y r e t u r n a n y p a p e r s
w h i c h are official.
M y p r i n c i p a l p u r p o s e in a s s e m b l i n g these p a p e r s was
to c o m p l y w i t h P r e s i d e n t R o o s e v e l t ' s r e q u e s t that such m a t e r
ial be c o m p i l e d b y h is C a b i n e t officers, and others, to b e
come part of the F r a n k l i n D. R o o s e v e l t L i b r a r y w h i c h was
e s t a b l i s h e d b y A c t of C o n g r e s s on J u l y 18, 1939, as a part of
the N a t i o n a l A r c h ives.
In 19^1 I I n f o r m e d the L i b r a r i a n of
C o n g r e s s that these p a p e r s w o u l d go to the F r a p k l i n D,
R o o s e v e l t L i b r a r y and a g r e e d to g i v e copies to the L i b r a r y of
Congress.
T h e L i b r a r i a n of C o n g r e s s was g o o d e n o u g h to w r i t e
m e that he c o n s i d e r e d this ’’g e n e r o u s " and "an act of f r i e n d
ship t o w a r d the L i b r a r y . "
In a c c o r d a n c e w i t h this u n d e r s t a n d
ing, a r r a n g e m e n t s h a v e b e e n m a d e b y m e to h ave m y p a p e r s go
to the F r a n k l i n D. R o o s e v e l t L i b r a r y u n der a p p r o p r i a t e
r e s t r i c t i o n s as to t h eir use.
A l t h o u g h y o u are aware of the fact, n e v e r t h e l e s s
I am a g a i n ad v i s i n g y o u that I have! n ot an d at no time did
hav e a n y i n t e n t i o n of m a k i n g a ny p e r s o n a l p r o f i t out of
a n y t h i n g I m a y w r i t e as a r e s u l t of m y e x p e r i e n c e as a
p u b l i c servant.
T his is in a c c o r d a n c e w i t h the p r a c t i c e
that I f o l l o w e d w h e n I was in the T r e a s u r y D e p a r t m e n t and
I will a d here to it*
A n y p r o f i t w h i c h m i g h t be derived
f r o m m y w r i t i n g s will g o to a F o u n d a t i o n for W o r l d Peace
of w h i c h Mrs* F r a n k l i n D, R o o s e v e l t is President, as was
done f or m y b o o k "G e r m a n y Is; Our P r o b lem."
I want to a g a i n assu r e y o u that I stand r e a d y to
coo p e r a t e w i t h y o u at all times.
S i n c e r e l y yours,
(Signed)
H o n o r a b l e J o h n I. S n yder
S e c r e t a r y of the T r e a s u r y
W a s h i n g t o n , D* C*
H e n r y Merg e n t h a u ,
Jr.
February 7, 1947
TO ME. BARTBLT*
The following market transactions were made during the month
of January, 1947, in direct and gu ranteed securities of the
Government for treasury Investment end other accountss
P u r c h a s e s .... ............ $121,000
Sales
none
Net purchases .......... §121.000
(3,*
low«* O*®*»*®*6 <V
5S»
ix t
22
CT1
■ fO
Joseph Greenberg
§2
Assistant Commissioner of ^ c o u n t s
CC to; Mr. Heffelfinger
Mr. Shaeffer
Miss Sanford
HNaud
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
M o n d a y > F e b r u a r y I?>
P r ess
19**7
No.
Service
S-243
W;..v
During
the m o n t h of January,
19^7, radnket trfeilis**
a c t i o n s in d i rect and g u a r a n t e e d s e c u rities of the
G o v e r n m e n t for T r e a s u r y i n v e stment and o t her a c c o u n t s
r e s u l t e d in n et p u r c h a s e s of $121,000,
Snyd e r a n n o u n c e d today.
oOo
Secretary
- -2-
THEASORT DEPAETMEHT
Washington
m
helase , mrnirn m m n m » ,
tuesday, February 18» 194?«
Tb*
prese service
Secretary of the ïreasury announeed last evening that the tendera for
$Xj300|000,000, or thereabouts, of 91—day Treasury billa to Isa datad February 20
tô
matura Hay 22, 1947, which «ara offered on February 14, 1947# aura opened at tha Federal
Reserve Banks on February X?.
The details of this issus ara as foliaire t
total appllad for - 11,779,251,000
total acceptad
- 1,312,014,000 (iacludes 122,452,000 enterad on a fixed-price
Average prie«
- 99*905/ Equivalant rate of discount approx. 0.3765 par annum
basis at 99*905 and accepted in fulX}
Range of accaptad competitiva bidsi
- 99.906 Equivalant rata of discount approx. 0*3725 par annum
- 99*905
*
%
*
*
*
o.37^f *
»
Xw
(73 perçant of tha amount bid for at tha Xor price irma accaptad)
Fadaral Reserve
District
total
Applied for
Total
Accaptad
Boston
Bsw York
Philadelphia
CXevslsnd
Rlchrénnri
Atlanta
Chicago
St. Louis
WnwnpftH e
Kansas City
1
U,930,000
l,313,k7?*000
16,kk5,000
3 ,115,000
9,565,000
1 ,015,000
3 15 ,690,000
2,890,000
♦
San Francisco
TOTAL
3,90k,000
962,209,000
800,000
12 ,^22,000
k,770,000
9k,X30,000
12,27k,000
3,115,000
9,160,000
1 ,015,000
231,866,000
2 ,512,000
800,000
1 1 ,126,000
h,203,000
69 ,830,000
♦1,779,251,000
#1 ,312 ,01k,000
TREASURY DEPARTMENT
Washington
F O R R E L EASE, M O R N I N G N E W S P A P E R S ,
Tuesday, F e b r u a r y 18, 1947
P r e s s Service
No. S-244
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g
that the te n d e r s f o r $ 1 , 3 0 0 , 0 0 0 , 0 0 0 , or t h e r eabouts, of
9 1 -day T r e a s u r y b i l l s to be d a t e d F e b r u a r y 20 a nd to m a t u r e
M a y 22, 1947, w h i c h were o f fered on F e b r u a r y 14, 1947* were
open e d at the F e d e r a l R e s e r v e B a n k s on F e b r u a r y 17.
T h e d e t a i l s of this issue are as follows:
Total a p p l i e d for
Total accepted
- $1,779,251*000
- 1,312,014,000
.Average p r ice
- 99.905
Range
High
Low
( i n c ludes $ 2 2 , 4 5 2 , 0 0 0
e n t e r e d on a f i x e d - p r i c e
b a s i s at 99.9 0 5 a nd a c
cept e d in full)
-/ Equiv. rate of d i s count
approx.. 0 . 3 7 6 $ per a n n u m
of a c c e p t e d c o m p e t i t i v e bids:
- 99.906 Equiv.
- 99.905
"
(73 p e r c e n t
rate of dis c o u n t approx.
"
”
"
0 . 372$ per annui
0.376$
"
"
of the amou n t b id f or at the lo w price was accepted)
T o tal
Applied
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. L o u i s
Minneapolis
Kansas Oity
Dallas
San F r a n c i s c o
TOTAL
$
T o tal
Accepted
Jbr
4,930,000
1,313*479*000
16.445.000
$
3*904,000
962 ,209,000
1 ,015,000
12.274.000
3*115,000
9 *160,000
1 ,015,000
315,690,000
231 866,000
2 ,890,000
2 ,512,000
800,000
1 1 .126.000
3 ,115,000
9*565,000
800,000
,
12.422.000
4,770,000
94.130.000
6 9 ,830,000
$1,779*251,000
$1,312,014,000
0O0
4,203,000
T8EASJKÎ DSPARTUEHT
Washington
FOB BOŒDIATS 8SLKASE,
Thursday. February 20, 19A?.
Presa Service
Secretary of the Treasury Snyder today announced that no exchange
offering will be ruade to the holders of the Treasury Notes of Series
B-1947# which will mature March 15# 1947# in the amount of $L#948#054#000*
These notes will be redeemed in cash when they mature*
TREASURY DEPARTMENT
Washington
Im m e d i a t e r e l e a s e ,
T h u rsday, F e b r u a r y 20, 1947
p r e s s service
No. S-245
for
S e c r e t a r y of the T r e a s u r y S n y d e r a n n o u n c e d t o d a y
that no e x c h a n g e
o f f ering will be m a d e
the T r e a s u r y N o tes of Seri e s B - 1 947,
M a r c h 15,
1947,
to the h o l d e r s of
w h i c h will m a t u r e
in the a m ount of $ 1 , 9 4 8 , 0 5 4 , 0 0 0 .
T h e s e n o t e s will be r e d e e m e d in cash w h e n they
mature♦
oOo
...
- 3 -
sold, redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the dimer of Treasury bills
(other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. I4I8, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
i m
2
-
-
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following which public announcement Will be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for $200,000
or less from any one bidder at
accepted in full.
99.90£
entered on a fixed-price basis will be
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
February 27. 19ii7
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other excise taxes,
whether Federal or State, but shall be exempt from all taxation noW or here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
U2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 11^ of
the Revenue Act of 19Ul, the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
^ 9£
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Friday, February 21, 19k7
_ ,
The Secretary of the Treasury, by this public notice, invites tenders for
$1.300.000.000 , or thereabouts, of
91 -day Treasury bills, to be issued
TSF
.Ja
on a discount basis under competitive and fixed-price bidding as hereinafter
provided.
The bills bf this series will be dated
Fdhmiary 27, 19L.7
, and
, when the face amount will be payable without interest.
They will be issued in bearer form only, and in denominations
of # 1 ,000, # 5 ,000, $ 10,000, $ 100,000, $ 500,000, and $ 1 ,000,000 (maturity value).
Tenders -.Till be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday, February 2iu 19U7 ♦
* — ■ i.... y ?
Tenders vfill not be received at the Treasury Department, Yiashington.
Each
tender must be for an even multiple of $ 1 ,000, and the price offered must be
expressed on the basis of
Fractions may not be used.
100,
with not more than three decimals, e. g.,
9 9
,9 2 $.
It is urged that tenders be made on the printed
forms and foruarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders w ill be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
TREASURY DEPARTMENT
Washington
FOR R E L E A S E / M O R N I N G N E W S P A P E R S
Friday, F e b r u a r y 2'1,, 194.7/
Press Service
No. ‘S - 2 4 6 :
The S e c r e t a r y of the Treasury, by this p u b l i c notice,
invites te n d e r s for $ 1 ,300 , 000-,000, or t hereabouts, of 9 1 -day
T r e asury bills, to be Issued on a di s c o u n t basis u n d e r c o m p e
titive and f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r p r o v i d e d .
The
bills of this series w i l l be d a ted F e b r u a r y 2.7, 1947.» and w ill
mature M a y 29, 1947, w h e n the face amount wil l be p a y a b l e
without interest.
T h e y w ill be issued in b e a r e r for m only
and in d e n o m i n a t i o n s of $*1 * 000 , $ 5 , 000, $ 1 0 , 000 , $ 10 0 , 000 ,
$ 500 , 000 , and .$1 , 000,000 (maturity v a l u e ) .
T e n ders w i l l be r e c e i v e d at F e d e r a l ,Reserve B a nks and
Branche s up to the c l o s i n g hour, two' o ' c l o c k p.m., E a s t e r n
Standard time, Monday, F e b r u a r y 24:, 1 9 4 7 . T e n d e r s w i l l not be
received at the T r e a s u r y D e p a r tment, W a s h i n g t o n .
E a c h tender' '■
must be for an e ven m u l t i p l e of $1,000, and the. p r i c e offered/ '
must be e x p r e s s e d on the basis of 100, w i t h not m o r e t h a n three
decimals, e, g., 99.925«
F r a c t i o n s m a y n ot -be used*
It Is
urged that tenders be m a d e on the p r i n t e d .forms and f o r w a r d e d
In the special e n v e lopes w h i c h wil l be supplied' b y F e d e r a l
Reserve B a nks or B r a n c h e s on a p p l i c a t i o n therefor.
T e n ders w i l l be r e c e i v e d w i t h o u t de p o s i t f rom I n c o r p o r a t e d
banks and trust companies and fro m r e s p o n s i b l e and r e c o g n i z e d
dealers in i n v e s t m e n t securities,
T e n ders f r o m others m u s t
be a c c o m p a n i e d b y p a y m e n t of 2 p e r c e n t of the face a m o u n t of
Tr e a s u r y b i lls a p p l i e d for, unless the tenders are a c c o m p a n i e d
by an e x p ress g u a r a n t y of p a y m e n t by an i n c o r p o r a t e d b a n k or
trust company.
I m m e d i a t e l y after the cl o s i n g hour, tenders w i l l be o p e n e d
at the Federal R e s e r v e Banks and Branches, f o l l o w i n g w h i c h
public announcement w ill be m a d e by the S e c r e t a r y of the T r e a s u r y
of the amount and price range of a c c e p t e d bids.
Those sub
m i t t i n g tenders w i l x be ad v i s e d of the a c c e p t a n c e or r e j e c t i o n
thereof..
The S e c r e t a r y of the T r e a s u r y e x p r e s s l y r e s e r v e s the
right to accept or r e j e c t any or all tenders, in w h o l e or in part, and his a c t i o n in any such r e s p e c t shall be final.
Sub
ject to these r eservations, tenders for $ 200,000 or less f r o m
any one b i d d e r at 99.905 e n t ered on a f i x e d - p r i c e basis wil l
be a c c e p t e d in .full.
P a y ment of a c c e p t e d tenders at the p r i c e s
offered m u s t be m a d e or com p l e t e d at the F e d e r a l R e s e r v e B a n k
2
The inco m e d e r i v e d f r o m T r e a s u r y bills, w h e t h e r interest
or g a i n fro m the sale or other d i s p o s i t i o n of the bills, shall
not hav e a n y exemption, as such, and loss f rom the sale or
other d i s p o s i t i o n of T r e a s u r y b i l l s shall not h a v e any special
treatment, as such, under F e d e r a l tax Acts n o w or h e r e a f t e r
enacted.
The bills shall be subject to estate, inheritance,
gift, or other excise taxes, w h e t h e r F e d e r a l or State, but
shall be exempt f r o m all t a x a t i o n n o w or h e r e a f t e r i m p o s e d on
the p r i n c i p a l or in t e r e s t th e r e o f by a ny State, or an y of the
p o s s e s s i o n s of the U n i t e d States, or b y a ny local t a x i n g
a u t h o r i t y . F o r p u r p o s e s of t a x a t i o n the a m ount of di s c o u n t
at w h i c h T r e a s u r y b i lls are o r i g i n a l l y sold by the U n i t e d
States shall be c o n s i d e r e d to be interest.
U n d e r Sections 42
and 117 (a) (l) of the Int e r n a l R e v e n u e Code, as a m e n d e d by
S e c t i o n 115 of the R e v e n u e Act of 1941, the a m ount of discount
at w h i c h bills issu e d h e r e u n d e r are sold shall not be c o n
sidered to accr u e u n til such bills shall be sold, r e d e e m e d
or o t h e r w i s e d i s p o s e d of, and such bills are e x c l u d e d fro m
c o n s i d e r a t i o n as c a pital assets.
A c c o r d i n g l y , the owner of
T r e a s u r y bills (other tha n life in s u r a n c e companies) issued
h e r e u n d e r n e e d include in his income tax r e t u r n only the d i f
ference b e t w e e n the p r i c e p a i d for suc h bills', w h e t h e r on
o r i g i n a l Issue or on s u b s e q u e n t purchase, and the amount
a c t u a l l y r e c e i v e d either u p o n sale or r e d e m p t i o n at m a t u r i t y
d u r i n g the t a xable y e a r for w h i c h the r e t u r n is made, as
o r d i n a r y g a i n or loss.
T r e a s u r y D e p a r t m e n t Ci r c u l a r No. 4l8, as amended, and
this notice, p r e s c r i b e the terms of the T r e a s u r y bills and
g o v e r n the c o n d itions of their issue.
Copies of the circular
m a y be o b t a i n e d f r o m a ny F e d e r a l R e s e r v e B a n k or Branch.
0O0
treasury department
foe m u s m u m reu sa s e ,
Monday, February 21». IfftjT.
Press Service
J
~
2-
the Treasury today announced the subscription Figures and the
basis of allotment for the offering of 7/8 percent treasury Certificates
of Indebtedness of Series C~19i*3 in exchange for Certificates of Indebt
edness of Series C-19U7, aaturing March 1, 19k7, in the amount of
$3,133,009,000*
Eeports received from the Federal Reserve Banks shoe that sub
scriptions aggregate
#2,950,000,000.
Subscriptions in amounts up to and
ineluding 525,000, totaling .boat , 53,000,000, were allotted in full.
Subscriptions in amounts over »25,000 < m allotted 72 parent on a
straight percentage basis, but not less than $25,000 to any one sub
scriber, with adjustments, where necessary, to the next highest »1,000.
Details as to subscriptions and allotments will be «nnm.n^ . ^ n
final reports are received from the Federal Reserve Banks.
TREASURY DEPARTMENT
Washington
»
FOR I M M E D I A T E RELEASE,
Monday, F e b r u a r y 2^, 194? .
Press S e r v i c e
No . S-247
The T r e a s u r y today a n n o u n c e d the s u b s c r i p t i o n f i g ures
the basis
of a l l o t m e n t
Treasury C e r t i f i c a t e s
for the o f f e r i n g of 7/8 p e r c e n t
of Indeb t e d n e s s
exchange for C e r t i f i c a t e s
m a t u r i n g M a r c h 1,
19 ^ 7 ,
of Series
of I n d e b t e d n e s s
C - 1 9 ^ 8 in
of Series
C-1947,
in the amount of $ 3 , 1 3 3 , 0 0 9 , 0 0 0 .
R e p o r t s r e c e i v e d from the F e d e r a l R e s e r v e Banks
that s u b s c r i p t i o n s
aggregate $2,950,000,000.
in amounts up to and i n c l u d i n g $25,000,
$53-, 000,000,
w e r e a l l o t t e d in full.
over $ 25,000 w e r e a l l o t t e d
basis,
but not less
adjustments,
and
72
pe r c e n t
s how
Subscriptions
t o t a l i n g about
Subscriptions
in a m ounts
on a s t r aight p e r c e n t a g e
than $ 25,000 to any one subscriber,
w h e r e necessary,
with
to the next h i g h e s t $1,000.
D e t a i l s as to su b s c r i p t i o n s
and a l l o t m e n t s w i l l be
announced w h e n final re p o r t s are r e c e i v e d f r o m the F e d e r a l
Reserve B a n k s .
0O 0
TREASURY DEPARTMENT
Washington
f o r release, morning newspapers
Press Service
Tuesday. February 25. 19h7
The Secretary of the Treasury announced last evening that the tenders for
11,300,000,000, or thereabouts, of 91-day Treasury bills to be dated February 27 and to
nature May 29, 19U7, shich «are offered on February 21, 19t7, sere opened at the Federal
Reserve Banks on February 21*.
The details of this issue are as followsi
Total applied for - $1,781*,112,000
Total accepted
- 1,301,520,000 (includes $16,881*,000 entered on a fixed-price
basis at 99*90$ and accepted in full)
Average price
- 99*90$/ Equivalent rate of discount approx. 0*376$ per annum
Range of accepted competitive bidet
High
Low
- 99*906 Equivalent rate of discount approx. 0 .3 7 2 $ per »»mim
« s e e
«
0 .3 7 6 $ •
*
• 99*90$
(72 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Boston
Haw York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
$
21*,650,000
1,358,629,000
13 ,828,000
11 ,660,000
2.750.000
1 .350.000
328,171,000
22 ,020,000
1,31*5,000
5.085.000
3,1*1*9,000
1 1 ,175.000
Minneapolis
Kansas City
Callas
San Francisco
TOTAL
$1, 781*,112,000
Total
Accepted
$
19,050,000
987,029,000
10,188,000
10 ,260,000
2 ,330,000
1 .350.000
237*171,000
16,028,000
1,31*5,000
k,385,000
3 .169.000
9,215.000
$1 ,301,520,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, M O R N I N G N E W S PAPERS,
Tuesday, F e b r u a r y 25, 1947
P r e s s S e r vice
No. S-248
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that
the te n d e r s f o r $ 1 , 300, 000, 000, or thereabouts, or 9 1 ~ d a y
T r e a s u r y b i l l s to be d a t e d F e b r u a r y 27 a nd to m a t u r e M a y 29,
1947, w h i c h wef e o f f e r e d on F e b r u a r y 21, 1947, wer e o p e n e d at
the F e d e r a l R e s e r v e B a n k s on F e b r u a r y 24.
T h e d e t a i l s of this issue are as follows:
Total a p p l i e d f o r - $ 1 , 7 8 4 , 1 1 2 , 0 0 0
Total a c c e p t e d
1,301,320,000
(includes $ 1 6 , 8 8 4 , 0 0 0 e n t e r e d
on a fixed-price basis .at
99¿903 and accepted in full)
Average p r i c e
.
-
99.905'/* Equiv.
rate of d i s c o u n t approx.
0 i 376^ p er a n n u m
Range of c o m p e t i t i v e bids:
High - 9 9 . 9 0 6 Equiv.
Low
- 99.905
rf
rate of d i s count approx.
"
"
"
0.37 2 ^ par a n n u m
”
?
0 .376$
(72 p e r c e n t of the a m ount b i d f o r at the l ow price was acc e p t e d )
Federal R e s e r v e
District
Boston
Ne w Y o r k
Philadelphia
C l e veland
Richmond
A t l anta
Chicago
St. L o u i s
Minneapolis
Kansas City
Dallas
San F r a n c i s c o
T 0TAL
T o tal
A p p l i e d for
i
24,650,000
1,358,629,000
1 3 ,8 2 8 , 0 0 0
1 1 ,660,000
2 ,7 5 0 , 0 0 0
1,350,000
3 2 8 ,1 7 1 , 0 0 0
2 2 ,0 2 0 , 0 0 0
1.345.000
5.035.000
3 . 449.000
1 1 , 175,000
$1,78 4,112,000
0 O0
T o tal
Accepted
$
1 9 ,0 5 0 , 0 0 0
987.029.000
10 ,188, 0 0 0
10 ,260,000
2 ,3 3 0 , 0 0 0
1 ,350,000
237.171.000
,
1 6 028,000
1.345.000
4.385.000
3 .1 6 9 . 0 0 0
9 ,2 1 5 , 0 0 0
$1 ,301,520,000
TBEASUEY DEPAETMEHT
Washington
Por Immediate Eelease,
Wednesday, February 26 , 19*4-7
Press Service
Ho.
0
Secretary of the (Treasury Snyder announced today that the United States
has completed payment of its subscription to the International Monetary Fund.
Under the Bretton Woods Agreements the quota of the United States in the
International Monetary Fund is $2 ,7 5 0 ,0 0 0 ,0 0 0 , and payment of this amount
to the Fund was authorized in the Bretton Woods Agreements Act approved
July 31, 19*4-5*
That Act amended the Gold Eeserve Act of 193*4-, approved
January 30, 193*4-, so as to provide that $1,800,000,000 of the Exchange Stabiliza- P
tion Fund originally established under the Gold Eeserve Act cf 193*+, should be
used to pay part of the quota of the United States in the International
Monetary Fund, and that the balance of the quota of $950,000,000 should be
paid from the general funds of the (Treasury.
The payment made today amounted to $2,7*44,725,000, representing the
balance of the United States quota.
The payment was comprised of $687,500,000.11
in gold, equal to 25$ of the quota of the United States, as required by Article III,
Section 3 (h) (i) of the Articles of Agreement;
$275,22*4-,999*%9 in currency
^^
credited to the Fund*s depositary account with the Federal Eeserve Bank; of
Hew York and $1,7^2,000,000 aggregate face amount of non-negotiable, non-interest-
r
bearing demand notes of the United States.
An initial payment of $275,000, representing one one-hundredth of one
percent of the United States quota, was paid for credit of the International
Monetary Fund on December 27, 19*4-5, at the time the Articles of Agreement of
the Fund were signed on behalf of the United States.
A further partial payment
in the amount of $5,000,000 was made on Hovember 21, 1 9 *^6 .
^
TREASURY DEPARTMENT
Washington
FOR I M M E D I A T E RELEASE^
Wednesday, F e b r u a r y 2b,
1947»
Press Service
No . S-249
S e c r e t a r y of the T r e a s u r y Snyder a n n o u n c e d t o d a y that
the U n i t e d States has c o m p l e t e d p a y m e n t of its s u b s c r i p t i o n
to the I n t e r n a t i o n a l M o n e t a r y Fund.
U n d e r the B r e t t o n W o o d s
A g r e e m e n t s the q u o t a of the U n i t e d States in the I n t e r n a t i o n a l
M o n e t a r y F u n d is $ 2 , 7 5 0 , 0 Q 0 , 000, and p a y m e n t of this amount
to the F u n d was a u t h o r i z e d in the B r e t t o n W o o d s A g r e ements
Ar».t_apprnvp?d
H . 1945_.
That Act am e n d e d the Gold R e s e r v e
Act of 1934, a p p r o v e d J a n u a r y 30, 1934, so as to p r o v i d e that
$ 1 / 8 0 0 , 0 0 0 , 0 0 0 of the E x c h a n g e S t a b i l i z a t i o n F u n d o r i g i n a l l y
e s t a b l i s h e d under the Gold R e s e r v e A c t of 1934, should be
used to p a y part of the q u o t a of the U n i t e d States in the
I n t e r n a t i o n a l M o n e t a r y Fund, and that the b a l a n c e of the q u o t a
of $ 950 ,000,000 should be paid from the ge n e r a l funds of the
Treasury.
The p a y m e n t m a d e today a m o u n t e d to $ 2 , 7 4 4 , 7 2 5 , 0 0 0 ,
r e p r e s e n t i n g the ba l a n c e of the U n i t e d States quota.
The p a y
ment vas c o m p r i s e d of $ 68 7 ,500 ,0 0 0 .11 in gold, equal to 25 $
of the q u o t a of the U n i t e d States, as r e q u i r e d by A r t i c l e III,
S e c t i o n 3 ( ) (i) Of the A r t i c l e s of A g r e e m e n t ; $ 2 7 5 , 2 2 4 , 9 9 9 . 8 9
in c u r r e n c y credi t e d to the F u n d fs d e p o s i t a r y ac c o u n t w i t h
the F e d e r a l R e s e r v e B a n k of N e w Y o r k and $ 1 , 7 8 2 , 0 0 0 , 0 0 0
a g g r egate face amount of n o n - n e g o t i a b l e , n o n - i n t e r e s t - b e a r i n g
demand notes of the U n i t e d S t a t e s .
A n i n i t i a l pa y m e n t of $275^000, r e p r e s e n t i n g one oneh u n d r e d t h of one p e r c e n t of the U n i t e d States quota, was p a i d
for credit of the I n t e r n a t i o n a l M o n e t a r y F u n d on D e c e m b e r 27,
1945, at the time the A r t i c l e s of A g r e e m e n t of the F u n d w ere
signed on b e h a l f of the U n i t e d S t a t e s . A further p a r t i a l
payment in the amount of $ 5 , 0 0 0 , 0 0 0 was m a d e on N o v e m b e r 21,
1946. v
0O 0
COTTON WASTES
(In pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE:
Provided, however, that
not more than 33-1/3 percent of the quotas shall he filled by cotton wastes
other than comber wastes made from cottons of 1-3/16 inches or more in staple
length in the case of the following countries:
United Kingdom, France,
Netherlands, Switzerland, Belgium, Germany, and Italy:
Country of Origin
United Kingdom,
Canada......
France...
British India.,
Netherlands....
Switzerland....
Belgium......
Japan......
China.......
Egypt.... . —
Cuba.... .....
Germany........
Italy.......
Totals
Established * Total imports
^Established*
Imports
TOTAL QUOTA I $ept. 20, 1946,j 33-1/3# ofiSept. 20, 1946,
* toFeb# 15>, lpiijjTotal Quota*to F e b >15,
1/
i m
4,323,457
239,690
227,420
69,627
68,240
44,388
38,559
341,535
17,322
8,135
6,544
76,329
21,263 |
5,482,509
|
i
1,441,152
69,757
75,807
69,627
22,747
14,796
12,853
6,3h7
7,088
1U5 j 731
¿/ Included in total imports, column 2 .
-oOo-
1,599,886
«
VfiEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
PLEASE FORWARD
4 COPIES TO ROOM 1*03, WILKINS BLDG.
leliminary data on imports of
stablished by the President’s
the period September 20,
s)
r or more Less than 3/4»
ess than ¡harsh or rough 5/
116» U
Its Sept.
Imports Sept. 20
— , J946, to
1946, to February
Feb. 15. 19k7 Feb. 15. 19li7 15.' 19li7
0-
Egypt and the
Anglo-Egyptian
Sudani. . . . . . . . . 1.
783;816
Peru... . . . . . . . . . .
•2X7;952
British India.. . . 2,003,483
China.. . . 1..... 11 1,370,791
Mexico.. . . . . 1. . . . 8 ,883;259
Brazil.........
618,723 .
Union of Soviet
■ " .1
Socialist Republies..........
475,124
Argentina.... ..
5,203
Haiti..........
•237
Ecuador.. 1. . . . 1. '.
9,333
Honduras.. . . . . . . .
752
Paraguay.. . . . 1. . .
871
Colombia.......
124
Iraq...........
195
British East
Africa. . . . . . . . .
2 ,2 40
Netherlands*Bast ’
Indies.. . . . . 111. .
71,388
Barbados.............
Other British''
West Indies l/...
2 1 ,3 2 1
Nigeria.... .
5,377
Other British
West Africa 2 /...
16,004
Other French
Africa 3/.......
689
Algeria and Tunisia
*
Kuwait ........
1 4 ,516,882
-------WOJ.WUUCI,
2/
3/
4/
5/
ucuueu.ua.,
—
231,061*
973,010
36,1*11*,673
9,209,31*6
11,605,588
8,883,259
618,723
.^
857
31,900
5 ,0 8 1
501
-
-
237,600
10,711,991*
1*5,656,1*20
11,81*3,188
XX -LUX.(
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar.
Established Quota - 45,656,420.
Established Quota - 70,000,000.
FOR IMMEDIATE RELEASE
^ W i ^ F e b ru a ry » jr, 1 9 h 7
-
>s ■*oL-<5ro
1
-
The Bureau of Customs announced today that preliminary data on imports of
cotton and cotton waste chargeable to the quotas established by the President’s
proclamation of September 5, 1939, as amended, for the period September 20,
1946 , to February l.£, 1947 , are as follows:
COTTON
Country of
Origin
: Under 1- 1/8” other
: than roujgh or harsh
:
undei 3/4"
:Established Imports Sept.
: Quota
20, 1946, to
Feb. 13. 19b7
Egypt and the
Anglo-Egyptian
Sudani..*...... ^.
783,816
Peru..... .
'2//7,952
British India.... 2,003,483
Ghi na............ 1;370:7Q1
Mexico.^^
8,883;259
Brazil... .
618,723 .
Union of Soviet
- --■
Socialist Republies....... .
475,124
Argentina........
5,203
Haiti............
•237
Ecuador..........
9,333
Honduras.........
752
Paraguay.^
871
Colombia.........
124
Iraq...........
195
British ‘East ’
Africa...........
2 ,2 4 0
Netherlands’East'
Indies.
71,388
Barbados. . . . . . . . .
Other British
West Indies l/.. .
2 1 ,3 2 1
Nigeria.... .
5,377
Other British
West Africa 2/.. .
16,004
Other French
Africa 3/......
689
Algeria and Tunisia
Kuwait.......
14,516,882
Z .' .
2/
3/
4/
5/
(other than linters)
(In pounds)
w w u iu u a ,
-
231,06ii
973,010
1-1/8” or more
but less than
1-11/16” U
Imports Sept.
20, 1946, to
Feb. 19. 19li7
36,bib,673
9,209,3b6
Less than 3/4"
harsh or rough 5/
Imports Sept. 20,
1946, to February
15. 19k7
•m'
MMM»
11,60*£88
8 ,883,259
mm
618,723
•mm
827
5,081
31,900
- ,
_
-
MW
_
501
mm
_
■
^
-
-
10,711,99b
u a m a x ^ a j
b5,656,b20
u a i u
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar.
Established Quota - 45,656,420.
Established Quota - 70,000,000.
237,600
ll,8b3,188
TREASURY DEPARTIRENT
Washington
FDR IMMEDIATE RELEASE
Wednesday» February 26, 1947
Press Service
No. S-250
ihe Bureau of Customs announced today that preliminary data on imports of
cotton and cotton waste chargeable to the quotas established by the President’s
proclamation of September 5, 1939, as-amended, for the period September 20, 194.6,
to February 1|1 1947, are as follows:
COTTON (other than linters)
(In pounds)
Country of
Origin
Egypt and the
Anglo-Egypt ian
S u d a n . .
Peru............
British India...
China......... .
Mexico..........
Brasil..........
Union of Soviet
Socialist Republies....
Argentina......... • »
Ecuador......... •t
Honduras.... ....
Paraguay.... .... •*
Colombia.........
Iraq...... .
British East
Africa..... . <... ♦•
Netherlands East
Indies..... .....
Barbados :........
Other British
^'est Indies l/.». t«
Nigeria.........
Other British
west Africa. 2/... ##
Other French
Africa 2/..... ..
Algeria and Tunis ia
Kuwait.......... ••
Under 1-1/8” other
:
than rough or harsh ;
under 3/4 "
:
Established: Imports Sept*:
Quota
; 20, 1946, to :
Feb. 15, 1947:
783,816
247,952
2,003,483
1,370,791
8,883,259
618,723
8,383,259
618,723
857
5,081
4/
5/
11,605,588
_
31,900
Up
_
—
—m
Jr
%
2,240
71,388
—
2 1 ,3 2 1
5,377
—
16,004
—
501
_
689
-
10,7 1 1 ,9 9 4
T_ _•^^ rn_•_
éJ Other than Gold Coast and Nigeria.
q/
36,4I4,673
9,209,346
.L
475,124
5,203
237
9,333
752
871
124
195
1 4 , 516,882
1 / fl-l-VlQV. 4-'oon
—
231,O64
973,0 1 0
1 -1 /8” or more ; Less than 3/4”
but less than : harsh or rough 2/
1 -1 1 /1 6 ” U
Imports Sept* :Imports Sept. 20,
20, 1946, to ;1946, to February
Feb. 15, 1947 :15, 1947
Other than Algeria, Tunisia, and Madagascar.
Established Quota - 45,656,420.
Established Quota - 70,000,000.
jj
45,656,420
237,600
11,843,188
~
2
-
Pastes
(In pounds)
cotton
i . ; i/
COTTON CARD STRIPS made from cotton having a staple of less than .1-3/16 inches
in length, COMBER WASTE, U P WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE: Provided, however,- that
not more than 33—1/3 percent of the quotas shall be filled by cotton wastes
other than comber wastes made from cottons of 1-3/16 inches or more in staple
length in the case of the following countries: United Kingdom,- France,'
Netherlands, Switzerland^ Belgium, Germany, and Italy!
:
Country of Origin s
Established
TOTAL QUOTA
United Kingdom*.....
C a n a d a . *. *. . . .
France..... V*..
British India*...;....
Netherlands.*,*.*.....
Switzerland*.... ... ♦
Belgium..**.-**.*....-.* UapAn.*;f
China.***..*!;......
Egypt*.*.....*......* ■
Cuba. *•**•• •.•*.......
Germany. * * . *...*..,.
Italy.**....*.......
Totals
1/
: Total imports
i.Established
Imports
: Sept. 20, 194-6, : 33~l/3$ of j'Sept* 20,- 1946/
: to Feb# 15, 1947 : Total Quota :to Feb*-15,1947:!/
4,323,457
-
1,-441,152 '
239,690
69,757
227,420
69 ,627
68,240
44,388
38,559
341,535
17,322
, 8,-135
6,544
76,329
21,263
69,627
-
75,607
22,747
14,-796
12,653
6,347
—
-
—
25,443
7/088
-
5,482,509
145,731
Included in total imports, column 2.
-oOo-
«*
1,599,886
TREASURY DEPAHTHICT
Washington
FOR IBffiDIATE RHU54SE,
Thursday. February ,27. 1947.
i§ 1 1
n
Press Service
The Secretary of the Treasury today announced the subscrlpt ion and
allotment figures with respect to the current offering of 7/8 percent Treasury
Certificates of Indebtedness of Series C-1948, to be dated March 1, 1947*
Sub«
scrlptions for amounts up to and Including $25*000 sere allotted in full and
«counted to l a , 954,000.
Subscriptions and allotments were divided among the several Federal Be«
serve Districts and the Treasury as follows s
Federal Reserve
District
Total Subscrip«
tlons Received
Total Subserip«
tlons Allotted
Bestem
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
1
71,975,000
1,568,604,000
62,581,000
106,347,OCX)
33*300,000
104*040*000
363,519,000
301,794,000
68,653,000
124*515,000
91,486,000
229,058,000
_____3.519.000
1
52,160,000
1,145,945,000
45,538,000
77,834,000
24,804,000
76,499,000
264,950,000
75,318,000
51,954,000
91,905,000
66,574,000
165,430,000
2.561.000
♦2,950,191,000
12,141,472,000
TOTAL
TREASURY DEPARTMENT
Washington
F OR I M M E D I A T E R E L E A S E
Thursday, F e b r u a r y 27, 1947
The
P r ess S p p v I o p
No?
S e c r e t a r y of the T r e a s u r y t o d a y a n n o u n c e d the
sub-
s c r i ption a n d a l l o t m e n t f i g u r e s w i t h r e s p e c t to the cu r r e n t
offer i n g of 7/8 p e r c e n t T r e a s u r y C e r t i f i c a t e s of
of Series C*t1948,
to be d a t e d M a r c h I , 1947•
Indebtedness
Subscriptions
for a m o u n t s up to and i n c l u d i n g $ 25,000 w ere a l l o t t e d in full
and a m o u n t e d to $ 5 1 , 9 54,00 0.
S u b s c r i p t i o n s a n d a l l o t m e n t s wer e d i v i d e d a m ong the
several F e d e r a l R e s e r v e D i s t r i c t s an d the T r e a s u r y as follows:
Fe d e r a l R e s e r v e
District
Boston
N ew Y o r k
Philadelphia
Cleveland
Richmond
Atlanta
C h i cago
St. L o u i s
Minneapolis
Kansas City
Dallas
San F r a n c i s c o
Treasury
T o tal S u b s c r i p tions R e c e i v e d
Total S u b s c r i p tions A l l o t t e d
$
$
71,975,000
1,588,604,000
106,3^7,000
33.300.000
104.840.000
363.519.000
101.794.000
68.653.000
124.515.000
91.486.000
229.058.000
3,519,000
52,160,000
1,145,945,000
45.538.000
77.834.000
24.804.000
76.499.000
264.950.000
75.318.000
51.954.000
91.905.000
66.574.000
165.430.000
2,561,000
$2,950,191,000
$2,141,472,000
,
6 2 5 8 1 ,0 0 0
TOTAL
/
'
0 O0
\•
sold, redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets. Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year
for which.the return is made, as ordinary gain or loss.
Treasury Department Circular No. I4.I8, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
A£3K&
-
2
-
Immediately after the closing hour, tenders trill be opened at the Federal
Reserve Banks and Branches, following which public announcement Trill be made
by the Secretary of the Treasury of the amount ahd price range of accepted
bids.
Those submitting tenders Trill be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in vrhole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for $>200,000
or less from any one bidder'at
accepted in full.
99.905> entered
on a fixed-price basis will be
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
March
6,
1947
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other excise taxes,
whether Federal or State, but shall be exempt from all taxation now or here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
k2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 11$ of
the Revenue Act of 19Ul, the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
TREASURY DEPARTMENT
Washington
The Secretary of the Treasury., by this public notice, invites tenders for
$
1 ,300,000,000
2
, or thereabouts, of
■day Treasury bills, to be issued
on a discount basis under competitive and fixed-price bidding as hereinafter
provided.
The bills of this series will be dated
will mature
out interest.
June
March
6,
and
5, 194-7
when the face amount will be payable withxtàk
They m i l l be issued in bearer form only, and in denominations
of $ 1 ,000, $ 5 ,000, $ 10 ,000, $ 100,000, $ 500,000, and $ 1 ,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time,
Monday, March 3. 19A7
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $ 1 ,000, and the price offered must be
expressed on the basis of
Fractions may not be used.
100,
with not more than three decimals, e. g.,
99.925*
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
TREASURY DEPARTMENT
Wn shington.
FOR r e l e a s e ; MORNING NEWSPAPERS,
Friday, February 28, 19^7»
P r e s s Se r v i c e
' No. - S-252
T he S e c r e t a r y of the Treasury, ;
-by this
invites tenders for $ 1 , 300 , 000 ,000 , or thereaboutd, *-qf'.gl-day
T r e a s u r y 1'bills.# to. be i s sued ;on a d i s c o u n t b a s i s und'er "'. '
c o m p e t i t i v e a nd f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r p r o v i d e d .
The b i lls of this series w i l l be d a t e d M a r c h 6 , 19*1-7, and
will, m a t u r e June 5, ..194,7-, w h e n the fac e a m o u n t w i l l be p a y a b l e
w i t h o u t interest.
T h e y w i l l be i s s u e d in b e a r e r f o r m only,
end in d e n o m i n a t i o n s of $ 1 ,000 , $ 5 *000 , $ 1 0 ,000 , $ 100 , 000 ,
$ 500 , 000 , and $ 1 ,000,000 ( m a t u r i t y value).-'
• . T e n d e r s w i l l ’be r e c e i v e d at F e d e r a l R e s e r v e B a n k s and
B r a n c h e s up to the c l o s i n g hour, two o 'clock p.m. ; E a s t e r n
S t a n d a r d time, M o n d a y , M a r c h 3* 19^7*
T e n d e r s w i l l n o t be .
r e c e i v e d . a t the T r e a s u r y D e p a rtment, W a s h i n g t o n ,
E a c h tend e r
m u s t be for a n even, m u l t i p l e of $ 1 .,000 , a nd the p r i c e o f f e r e d
m u s t be e x p r e s s e d on;t h e b a s i s of 100 , w i t h n ot m o r e t h a n
three decimals, e. g . , 9 9 - 9 2 5 «
F r a c t i o n s m a y n o t be used.
It
is u n g e d that tenders be m a d e o n the p r i n t e d forms a.nd f o r w a r d e d
in the s p ecial e n v e l o p e s w h i c h w i l l b e s u p p l i e d b y F e d e r a l
R e s e r v e B o nks or B r a n c h e s on a p p l i c a t i o n therefor.
T e n d e r s w i l l be r e c e i v e d w i t h o u t - d e p o s i t f r o m i n c o r p o r a t e d
banks a n d trust com p a n i e s and f r o m r e s p o n s i b l e a nd r e c o g n i z e d
d e a l e r s in i n v e s t m e n t securities..
Te n d e r s f r o m o t h e r s m u s t
be a c c o m p a n i e d by p a y m e n t of 2 p e r c e n t of the face a m o u n t of
T r e a s u r y b i lls a p p l i e d for, u n less the tenders are a c c o m p a n i e d
b y a n e x p ress g u a r a n t y of p a y m e n t b y a n i n c o r p o r a t e d b a n k or
trust company.
I m m e d i a t e l y a f ter the c l o s i n g hour, tenders w i l l be o p e n e d
at the F e d e r a l R e s e r v e B a n k s and B r a nches, f o l l o w i n g w h i c h
p u b l i c a n n o u n c e m e n t w i l l be m a d e by the S e c r e t a r y of the
T r e a s u r y of the amount and p r i c e r a n g e of a c c e p t e d b i d s . T h o s e
s u b m i t t i n g t e n ders w i l l be a d v i s e d of the a c c e p t a n c e or
r e j e c t i o n thereof.
The S e c r e t a r y of the T r e a s u r y e x p r e s s l y
r e s e r v e s the r i g h t to a c c e p t or r e j e c t a ny or all tenders, in
w h o l e or in part, and his a c t i o n in any s uch r e s p e c t shall be
final.
S u b ject to these re s e r v a t i o n s , t e n d e r s for $ 2 0 0 , 0 0 0
or less f r o m a ny one b i d d e r at 99*905 e n t e r e d on a f i x e d - p r i c e
basis w i l l be a c c e p t e d in full.
P a y m e n t of a c c e p t e d t e n ders at
the p r i c e s o f f e r e d m u s t be m a d e or c o m p l e t e d at the F e d e r a l
R e s e r v e B a n k in c a s h or o t her i m m e d i a t e l y a v a i l a b l e funds on
M a r c h 6 , 19**7 .
The income d e r i v e d f r o m /Treasury bills, w h e t h e r i n t erest
or g a i n f r o m the sale or o t h e r 'd i s p o s i t i o n of the bills, shall
not h a v e a ny exemption, as such, and loss f r o m the sale or
o t h e r d i s p o s i t i o n of T r e a s u r y b i l l s shall not h a v e a n y special
treatment, as such, u n d e r F e d e r a l tax A c t s now--or h e r e a f t e r
enacted..
The bills shall be s u b j e c t to estate, i n h e r i t a n c e ¿
gift, or other e x cise taxes, w h e t h e r ' F è d e ral or State, but
shall be e x e m p t f r o m all t a x a t i o n n o w or h e r e a f t e r i m p o s e d on
the p r i n c i p a l or i n t erest t h e r e o f b y a n y State, or a n y ’’óf the
p o s s e s s i o n s of the U n i t e d States,, or by a ny local t a x i n g
authority.
F o r p u r p o s e s of t a x a t i o n the a m o u n t o f discount,
at w h i c h T r e a s u r y b i l l s are originally, sold b y the U n i t e d
S t ates shall be c o n s i d e r e d to be i n t e r e s t . -U n d e r S e c t i o n s 4Í?
and 117 (a) (1) of the In t e r n a l R e v e n u e Code, as a m e n d e d by
S e c t i o n 115 of the R e v e n u e A c t of 19^1, the a m o u n t of dis c o u n t
at w h i c h h i l l s i s sued h e r e u n d e r arc sold shall not be considered
to accr u e u n t i l suc h bills shall bo sold, r e d e e m e d or otherwise
d i s p o s e d of, and such b i l l s are e x c l u d e d from c o n s i d e r a t i o n as
c a p i t a l assets..
A c c o r d i n g l y , the o w ner of T r e a s u r y bills
(other than life i n s u r a n c e companies) issu e d h e r e u n d e r nee d
i n c l u d e in his income tax return, o n l y the d i f f e r e n c e b e t w e e n ...
the p r i c e p a i d for suc h bills, w h e t h e r on o r i g i n a l issue or
on s u b s e q u e n t p u r c h a s e , . a n d t h e . a m o u n t a c t u a l l y r e c e i v e d either
u p o n sale or r e d e m p t i o n at m a t u r i t y d u r i n g the t a xable y e a r
for w h i c h the r e t u r n is made,, as o r d i n a r y g a i n or loss.
T r e a s u r y D e p a r t m ò n t C i r c u l a r H o y ^lS; as amended, and
this notice, p r e s c r i b e the terms of the T r e a s u r y b i l l s and
g o v e r n the c o n d i t i o n s of their issue.
Copies of the circular
m a y be o b t a i n e d fro m any F e d e r a l R e s e r v e B a n k or B r anch.
....
oOo
BHfii
WHEN THIS RELEASE HAS BEEN MIMEOGRAPHED, PLEASE
/
FORWARD 10 COPIES TO ROQM i|03 WILKINS BUILDING -
/ .
I■ /
i
m e s H tm
!approximately 18,l*37,U72
prtified seed, and subject
rescribed in Item 771,
been entered for con-
sumption during tne period sepuemoer xp,
inclusive.
jLyiio
I
uo February 22, 19U7,
FOR IMMEDIATE RELEASE
February 27? 191+7
The Bureau of Customs announced today that approximately 18,1*37*1*72
pounds of white or Irish potatoes, other than certified seed, and subject
to the tariff-rate quota of 60,000,000 pounds prescribed in Item 771,
Schedule II of the Canadian Trade Agreement had been entered for con
sumption during the period September 1$, 191+6 to February 22, 191+7,
inclusive.
TREASURY DEPARTMENT
Washington
F O R I M M E D I A T E ■R E L E A S E
F e b r u a r y ,£7, 1947
Press Service
No, S-253
T h e B u r e a u of C u s t o m s a n n o u n c e d t o d a y that
a p p r o x i m a t e l y . 1 8 , 4 3 7 , 4 7 2 p o u n d s of w h i t e or I r i s h
potatoes,
other t han c e r t i f i e d seed,
a nd subject to
the t a r i f f - r a t e q u o t a of 60,000,000 p o u n d s p r e s c r i b e d
in I t e m 771,
S c h e d u l e II of the C a n a d i a n T r ade A g r e e
m e n t h a d b e e n e n t e r e d f o r c o n s u m p t i o n d u ring the
p e r i o d S e p t e m b e r 15,
1946,
inclusive.
0 O0
to F e b r u a r y 22,j 1947,
Page U
Comparison of principal items of assets and liabilities of national banks - continued
(In thousands of dollars)
: Dec. 31,
;
19«
Sept. 30, \
1946
;
Dec. 31,
19«
Increase or decrease {Increase or decrease
since Sept. 30. 1946 :since Dec. 31. 1945
Amount
¡Percent : Amount ¡Percent
LIABILITIES
Deposits of individuals, partnerships and corporations:
Demand......... ............. $«.522,709
Time......................... 18 .031,756
2,9«
Postal savings deposits.... .......
Deposits of U. S. Government:
1 ,556,516
War loan and Series B bond accts..
Other U. S. Gov’t deposits.......
284,025
Deposits of States and political
subdivisions....................
« 125.722
8 ,170,924
Deposits of banks.................
Other deposits (certified and
cashiers1 checks , etc •)......... .
1.355.243
Total deposits...............
79,049,839
Bills payable, rediscounts & other
liabilities for borrowed money....
20,047
630.578
Other liabilities.............. .
Total liabilities, excluding
79.700.464
capital accounts.............
CAPITAL ACCOUNTS
| Capital stock:
Preferred stock............ .....
41JS9
i:7l4.832
Common stock......................
1 .756.621
Total...... ..................
2,275,884
Surplus...........................
Undivided profits.................
785.558
Reserves........................ .. ____33.1,736..
Total surplus, profits and
reserves.....................
3.393.178
Total capital accounts........
5.1*9.799
Total liabilities and capital
accounts................... .. 84.850.263
Ratio of loans to total deposits....
2 1 .90#
NOTE: Minus sign denotes decrease.
$1 ,202,465
313,182
2 .7 1
1 .7 7
5.63
$44,320,244
17,718,574
2,737
$40,970,935
15,960,051
2,979
4 ,791,103
282,523
13,841,894
318,280
3,939,025
7.712,905
3 ,« 7 , 711
9,230,786
186,697
458,019
4.74
5.94
1 .102,473
79 !869)534
1.430.311
85,2*2,947
252,770
22.93
-1.03
45,227
77,969
559,103
-25,180 -55.67
611.622
80.526.483
85.880.019
-826.019 .-1.01
44,612
70,394
1 .703.976
1.588.445
1 )658)839
2 ,011,403
688,986
1.748.588
2 ,176)630
883,238
322.872
296.509
3,382,740
5.131.328
2.996.896
4,055,737
85 .657.811
I9 .78#
90.535.756
1 6 .365$
157
$4 ,551.774
2,071,705
-35
11.11
12.98
-I.I7
-3 ,234,587 -67.51 -12,285,378 -88.76
-34,255 -IO.76
1,502
•53
-819,795
18,956
-2,823
..10.856
3.10
-6.33
.64
8.033
99,254
4 .5 b
-97,680 -11.0 6
8.864
2.75
1Q.«8
18>71
.31
-36
-807.548
-.9 4
638,011 18.29
-1 ,059,862 -11,48
-75.068
-6 ,193)108
-5.25
-7.27
-57,922 -74.29
71.475 12.78
-6.179.555 . -7.20
-28,605 -40.64
7.96
126.387
97.782
5-89
264,481 13.15
14.02
96,572
11.88
35.227.
396.280__ lj..2g
«4.062 10.61
-5.685,493.-6.28
Page 3
Statement showing comparison of principal items of assets and liabilities of active national banks
as of December 3 1 , 1946, September 3 0 , 1946, and December 3 1 , 19**5
(in thousands of dollars)
Deo. 31,
1946
Number of banks....................
1 Sept.
;
5,013
30,
191*6
5 ,01**
Dec. 31,
19^5
:Increase or decrease :Increase or decrease
:since Sept. 30. 19**6 :since Dec. 31. 19**5
;
Amount
;Percent :
Amount
{Percent
5 »023
-1
-.02
-10
-.20
ASSETS
Loans on real estate...............
Other loans, including overdrafts..
Total loans»••»»•»•»»»*•«»»•••
U. S. Government securities:
Direct obligations............
Obligations fully guaranteed..
Total U. S. securities.....
Obligations of States and political
subdivisions.....................
Other bonds, notes, and debentures.
Corporate stocks, including stocks
of federal Reserve banks .........
Total securities..............
Total loans and securities....
Currency and coin..................
Reserve with federal Reserve banks.
Balances with other banks.........
Total cash, balances with
other banks, including reserve
balances and cash items in
process of collection........
Other assets.......................
Total assets..................
cQg pgQ
$3,543,788 ) $1 5 ,801,498 ( $2 ,206,1*72 )
(
1
1
,
71
*
1,570
)
^»508,205
13.765,979 )
13,9^8,042
1,508,269
15,801,1*98
17,309,767
9 55( $1,337,316
2,024,409
T55
3.361.725
60.61
17.2 4
( 51,459,960 ) _3 471,977
(
7,746 )
5 1 ,467,706
-3 ,471,977
-7.66 (-9 ,624,208
(
34
-7.66 -9,624,174
-18.70
.44
-is. 70
4l,835,752 ) 45 ,315,509
7,780 )
45 ,315,509
4l,81+3,532
2 ,659,598
1,986,327
2 ,670,103
1 ,971,204
153.359
46,642,816
63 ,952,583
1 ,09^,721
10 ,636,570
8.335.876
153 M s
50 ,110 ,26**
65 ,911,762
20,067,167
18 ,910 ,1*1*3
830.513
835.606
85,657,811
84 ,850,263
957,986
10 ,496,652
7.455.805
24.10
317.873
329,462
13.57
19.88
-.0 6
8.046
145.113 ______ =89
-3 ,467,448 -6.92 -8 ,968,793
-1 ,959,179 ~-2.97 -5 .607,068
86,077
1,008,644
13^,735 14.27
10,451,020
1-33
185,55°
139,918
-383,249
880.071 11.80
8 .719.125
-16 .13
-8.06
8-53
1,78
—4.4o
2,341,725
1 ,656,865
-10,505
15,123
-•39
.77
55 ,611,609
69 .559.651
20,178,789
797,316
90 ,535.756
1 ,156,724
“5,093._
-807,548
6 .12
-111,622
-.61
33.197
-.94 -5.685,493
5.54
-.55
4 .16
-6.28
-
2
-
industrial loans of $8,500,000,000 were up 50 percent in the year,
loans to
0
brokers and dealers in securities and to others for the purpose of purchasing
.
. '
of
or carrying securities of $1,600,000,000 showed a decreaseA52 percent; agri
cultural loans were $ 700,000,000; real estate loans of $ 3,544,000,000 were up
60 percent, and all other loans of $2 ,900,000,000 were up 48 percent in the year.
The percentage of loans and discounts to total deposits on December 31 , 1946
was 21.90, in comparison with 19.78 on September 30, 1946, and 16.36 on Decem
ber 31, 1945.
Investments by the banks in United States Government obligations (including
$7,000,000 guaranteed obligations) as of December 31 , 1946 aggregated $4l ,844,000,000?
a decrease of $3*472,000,000, or nearly 8 percent, since September 1946, and a
decrease of $9,624,000,000, or nearly 19 percent, since December 1945. Other bonds,
stocks, and securities held of $4,800,000,000, which included obligations of
States and political subdivisions of $2,660,000,000, showed an increase of $4,500,000
since September, and an increase of $655,000,000 in the year.
Cash of $1,100,000,000 and reserves with federal Reserve banks of $10,600,000,000
a total of $1 1 ,700,000,000, increased nearly $300,000,000 in each of the three anti
twelve month periods.!
^
The unimpaired capital stock of the banks on December 31 , 1946 was
$1*757*000*000» including nearly $42,000,000 of preferred stock.
Surplus was
$2 ,276,000,000, undivided profits $785,000,000, and reserves $332*000,000, or a
total of $3*393*000*000.
Total capital accounts of $5*150,000,000 were
respectively $18,000,000 and $494,000,000 more than on September 30» 19^6 and
December 31» 19^+5*
TREASURY DEPARTMENT
Washington
Press Service
The total assets of national hanks on December 31, I9H 6 amounted to nearly
$85,000,000,000, it was announced today by Comptroller of the Currency Preston
Delano.
The returns from the call covered the 5,013 active national hanks in
the United States and possessions.
The assets were $800,000,000, or nearly
1 percent less than those reported hy the 5,0l4 active national hanks as of
—
/
September 30 , 1946, the date of the previous call, and nearly 5,700,000,000,
or 6 percent, less than the amount reported by the 5 ,0 2 3 active banks as of
December 3^» 19*+5*
The deposits of national hanks on December 3 1 , 1946 were $79,000,000,000,
a decrease of $800,000,000, or 1 percent, since September and a decrease of more
than $6,000,000,000, or 7 percent, since December 19^5*
Included in the recent
deposit figures are demand and time deposits of individuals, partnerships, and
corporations of $*¿5 ,50 0 ,000,000 and $1 8 ,0 3 2 ,000,00 0 , respectively, which showed
(sizable increases over the three and twelve month periods.
Also included in the
current figures are United States Government deposits, including War loan ac
counts, of $1 »S^tO,000,000, which decreased $3,200,000,000 since September, «nfl
$12,300,000,000 in the year, due principally to the withdrawal of War loan accounts
to provide for Federal debt retirement.
Deposits of States and political sub
divisions were $4,126,000,000, an increase of $187,000,000 since September; postal
savings of $3 ,0 0 0 ,000; certified and cashiers* checks of $1 ,3 5 5 ,000,000, and
deposits of banks of $8 ,1 7 1 ,000,00 0 , the latter showing an increase of nearly
6 percent since September.
Loans and discounts were $1 7 »300»000,000 on December
last, which was an
increase of $1,500,000,000, or more than 9 percent, since September, and an in
crease of nearly $3,^100,000,000, or 24 percent, in the year.
Commercial and
TREASURY DEPARTMENT
Washington
F O R RE L E A S E , M O R N I N G N E W S P A P E R S
Thursday, M a r c h 6 , 1 9 4 7 _______
P r ess S e p vie©
No. S-254
T h e total a s s e t s of n a t i o n a l b a n k s on D e c e m b e r 31, 1946,
a m o u n t e d to n e a r l y $ 8 5 * 0 0 0 , 0 0 0 , 0 0 0 , It w as a n n o u n c e d t o d a y b y
C o m p t r o l l e r of the C u r r e n c y P r e s t o n D e l ano.
T he r e t u r n s f r o m
the call c o v e r e d the 5,013 acti v e n a t i o n a l b a n k s in the U n i t e d
States an d p o s s e s s i o n s .
The a s s e t s were $ 8 0 0 , 0 0 0 , 0 0 0 , or
n e a r l y one percent, less than those r e p o r t e d b y the 5*014 active
na t i o n a l b a nks as of S e p t e m b e r 30, 1946, the date of the p r e
vious call, a n d n e a r l y $ 5 * 7 0 0 * 000,000, or 6 percent, less than
the a m o u n t r e p o r t e d b y the 5*033 a c t i v e b a n k s as of D e c e m b e r 31
1945.
The d e p o s i t s of n a t i o n a l b a n k s on D e c e m b e r 31, 1946, were
$ 7 9 * 0 0 0 , 0 0 0 , 0 0 0 , a d e c r e a s e of $ 800, 000, 000, or one percent,
since S e p t e m b e r and a d e c r e a s e of m o r e than $ 6 ,000,000, 000, or
7 percent, since D e c e m b e r 1945 . I n c l u d e d in the r e c e n t d e p o s i t
f i g u r e s are d e m a n d and time de p o s i t s of i n d i v iduals, p a r t n e r ships, a nd c o r p o r a t i o n s of $ 4 5 * 5 0 0 , 0 0 0 , 0 0 0 , a nd $ 18 ,033, 000,000
re s p e c t i v e l y , w h i c h showed sizable i n c r e a s e s over the three and
twelve m o n t h periods.
A l s o I n c l u d e d in the current f i g u r e s are
U n i t e d S t a t e s G o v e r n m e n t deposits, I n c l u d i n g W a r loa n a c c ounts,
of $ 1 * 8 4 0 , 0 0 0 , 0 0 0 , w h i c h d e c r e a s e d $ 3 * 2 0 0 , 0 0 0 , 0 0 0 since S e p t e m
ber* and $ 1 2 ,300, 000,000 in the year, due p r i n c i p a l l y to the
w i t h d r a w a l of W a r loan a c c o u n t s to p r o v i d e f o r F e d e r a l debt r e
tirement.
D e p o s i t s of S t a t e s a n d p o l i t i c a l s u b d i v i s i o n s w e r e
$ 4 * 1 2 6 , 0 0 0 , 0 0 0 , an i n c r e a s e of $ 1 8 7 * 0 0 0 , 0 0 0 since September;
postal savings of $ 3 * 000*000; c e r t i f i e d and c a s h i e r s • chec k s of
$ 1 *355 *000,000, a nd d e p o s i t s of b a n k s of $ 8 , 1 7 1 * 000, 000, the
latt e r showing an in c r e a s e of n e a r l y 6 p e r c e n t since S e p t e m b e r ;
L o a n s a n d d i s c o u n t s wer e $ 1 7 * 3 0 0 , 0 0 0 , 0 0 0 on D e c e m b e r 31
w h i c h was an i n c r e a s e of $ 1 * 500, 000, 000, or m o r e tha n
since S eptember* a nd an I n c r e a s e of n e a r l y
$ 3 * 4 0 0 , 0 0 0 , 0 0 0 , or 34 percent, in the year.
C o m m e r c i a l and
i n d u strial loans of $ 8 ,500,000,000 wer e up 50 p e r c e n t in the
year.
L o a n s to b r o k e r s a nd d e a l e r s In s e c u rities a nd to others
£ ° p ibe p u r p o s e of p u r c h a s i n g or c a r rying sec u r i t i e s of
$ 1 *600, 000,000 showed a d e c r e a s e of 52 percent; a g r i c u l t u r a l
loans w ere $ 7 0 0 , 000,000; real estate loans of $ 3 , 5 4 4 , 0 0 0 , 0 0 0
were up 60 percent, and all o t h e r loans of $ 2 ,900, 000,000 wer e
up 48 p e r c e n t in the year.
T he p e r c e n t a g e of loans a n d d i s
counts to total d e p o s i t s on D e c e m b e r 31, 1946, w as 2 1 ,90, in
c o m p a r i s o n w i t h 19.78 on S e p t e m b e r 30* 1946, a n d 16.36 on
D e c e m b e r 31* 1945.
last,
2
I n v e s t m e n t s b y the b a nks In U n i t e d S t a t e s G o v e r n m e n t
o b l i g a t i o n s (including $ 7 , 0 0 0 , 0 0 0 g u a r a n t e e d obli g a t i o n s )
as of D e c e m b e r 31, 1946, a g g r e g a t e d ¿ 4 1 , 8 4 4 , 0 0 0 , 0 0 0 , a d e
crease of $ 3 , 4 7 2 , 0 0 0 , 0 0 0 , or n e a r l y o percent, since S e p t e m
be r 1946, a n d a d e c r e a s e of $ 9 , 6 2 4 , 0 0 0 , 0 0 0 , or n e a r l y 19
percent, since D e c e m b e r 1945*
Other bonds, stocks, a nd s e
curities h e l d of $ 4 , 8 0 0 , 000,d 00, w h i c h i n c l u d e d o b l i g a t i o n s
of S t a t e s a nd p o l i t i c a l s u b d i v i s i o n s of $ 2 , 6 6 0 , 0 0 0 , 0 0 0 showed
an i n c r e a s e of $ 4 , 5 0 0 , 0 0 0 siiice September, a nd an i n c r e a s e of
$ 6 5 5 , 0 0 0 , 0 0 0 in the y e a r a
i
C a s h of $ 1 , 1 0 0 , 0 0 0 , 0 0 0 a nd r e s e r v e s w i t h f e d e r a l R e s e r v e
B a n k s of $ 1 0 , 6 0 0 , 0 0 0 , 0 0 0 , a total of $ 1 1 , 7 0 0 , 0 0 0 , 0 0 0 , I n c r e a s e d
n e a r l y $ 300, 000,000 In e a c h of the three a nd t w e l v e m o n t h
periods.
T h e u n i m p a i r e d capital stock of the b a nks on D e c e m b e r 31 >
1946, w as $ 1 , 7 5 7 , 0 0 0 , 0 0 0 , i n c l u d i n g n e a r l y $ 4 2 , 0 0 0 , 0 0 0 of
p r e f e r r e d stock.
S u r plus was $ 2 , 2 7 6 , 0 0 0 , 0 0 0 , u n d i v i d e d p r o d t s
¿ $ 5 , 0 0 0 , 0 0 0 , & n d r e s e r v e s $ 3 3 2 , 0 0 0 , 0 0 0 , or a total of
$3,393,000,000.
Total capital a c c o u n t s of $ 5 , 1 5 0 , 0 0 0 , 0 0 0 were
r e s p e c t i v e l y $ 1 8 , 0 0 0 , 0 0 0 a nd $ 4 9 4 , 0 0 0 , 0 0 0 m o r e than on S e p t e m
ber 30, 1946, a nd D e c e m b e r 31, 1945.
Page 3
Statement showing comparison of principal items of assets and liabilities of active national hanks
as of December 31» 19^-6» September 30» 19^6» and December 3 1 * 19^5
(in thousands of dollars)
1 Dec. 31,
: 1914-6
Humber 'of banks.............
*• . 5,013
ASSETS
Loans on real estate.... ..... .
.$3.5^3.788 )
Other loans, including overdrafts.. .13,765,979 )
Total loans.... .*.... .
.17,309,767“
U. S. Government securities:
Direct obligations........... .ta.835.752 )
7,780)
Obligations fully guaranteed,.
Total TJ. S. securities...... .4T,843,532
Obligations of States and political
subdivisions. ..... .............. . 2 ,659,598
Other bonds, notes, and debentures. . 1,986,327
Corporate stocks, including stocks
of Federal Reserve banks........ .
153,359
Total securities........ .
.1^6 ,6)4-2, gib
Total loans and securities.... .63,952,583
Currency and coin...... ........... . 1 *0$%,721
Reserve vdth Federal Reserve banks. .1 0 ,636,570
Balances with other banks.........
8,335,876
Total cash, balances with
other banks, including reserve
balances and cash items in
process of collection..... .
.20,067,167
Other assets......... .
330,513
Total assets.................. .24,250,263
* Sept. 30,
: . I9U6
5 ,0 14
$15,g01,)49S
15,201,493
:
:
Dec. 31.
19^5
5*023
c $2 ,206,472 )
( 1 1 ,7 4 1,5 7 0 )
.13,9^2,042
^5 ,315,509
C 5 1 ,459,960 )
(
7,746 )
51,467,706
2 ,670,10 3
1 ,9 71,20 4
2 ,341,725
1 ,656,865
‘ts, 315,509
153,448
50,1 1 0 ,26)+
“ 55.911,7£2~
957*936
10,496,652
7, *455,805
12,910,443
" 2 3 5 ,60b
85,657,811 ■
145,313
55,611,609
C9»559»651
1,002,644 .
10,451,020
3,719*125
20,173,729
797,316
90,535,756
:Increase or iecrease ¡Increase or decrease
:since Sept. 30, 19H6 :since Dec. 31,
r Percen1;
: Percent: Amount
: Amount
-1
-10
-* 20
-.02
$1 ,502,269
1 ,508,269
-3 .^7 1 ,9 7 7
-3 ,4 7 1,9 7 7
($1 ,3 3 7 ,3 16
9*55 ( 2,024,409
9.55
3,3bi,725
60.6l
17.24
2)4.10
(-9,524,208
(
3^
-7.66 -9,624,174
-12 .70
.4)4
-7*66
-18.70
-10,505
15,123
-*39
.1 1
317,873
329,462
13*57
19.38
-89
-3,467,442
-1 ,95 9 ,179
136,735
1 3 9 ,9 1 s
880,071
- .0 6
-6.92
-2.97
14*27
1*33
11.20
2*o 46
-8 ,968,793
-5 ,607,062
26,077
125,550
-333,249
5 .5 4
-1 6 .1 3
-8.06
3.53
1.73
-4.40
1,156,724
-5,093
-207,5*43
6 .1 2
-.6 1
-.94
-1 1 1 ,6 2 2
_33 ,197
-5,685,493
-*55
1+.16T
-6.23
Page 4
Comparison of principal items cf assets and liabilities of national banks - continued
(in thousands of dollars)
•
»
~ ~ f"
:Iacres.7 e or decrease:Increase or decrease
Dec. 3 1 ,
. Dec. 3 1 , , Sept. 30>
:since Seut. 3- , 19 4 6 :since Dec. 31 1945
1945
Ì946
*
1946
: Amount
. ÎP ercent : Amount ■ : Percent
LIABILITIES
Deposits cf individuals, partnerships and corporations:
$4 ,5 5 1 .7 7 4
11.11
$1,202,465
$44,320,244
2.71
$40,970,935
Demand,..*....... ............. *» ••$45 »522,709
12..9S
2
,0
7
1.7
0
5
3
1
3
»132
1
5
,
•
960,051
17»718,574
1-77
Time..................... .«■;**£ 1S»'031 »75^
-1*17
'3
5
157
5-63
- 2,979
■ 2,787
Postal savings deposits. *..*... .;;i
2,944
Deposits of U* S. Government:'
-68.76
13,841,894
-3.23^.557
-6 7 .5 1 -12,285,378
War loan and Séries IT bond accts. 1 ,5 5 6 ,5 16
4 ,7 9 1 ,10 3
-10*76
318,280
1,-502
-34,255
284,025
282,523
.5 3
Other U. 8* Gov’t deposits»....*;
Deposits of States and political
18 »29
638,011
4 .7 4
186,697
3,487,711
3 ,939,025
subdivisions.*.. . . .
». .* 4,125,722
-11*48
-1
,
059,862
9,230,786
458,019
5
.9
4
8,170,524
Deposits of banks.................
7 ,712 ,90 5
Other deposits (certified and'
-75,068
-5.25
252,770
22.93
1 ,4 7 0 ,3 11
cashiers’ checks, etc.).........» 1,755,.241
1 ,10 2,473
-6,193,105
-1
.0
3
-7-27
7 9 ,869,634
Total deposits..... . i
; 75,0 4 9 ,«19
85,242,547
“819,795
Bills payable, rediscounts'other
-74.29
-57,922
-25,180
-5 5.6 7
liabilities for borrowed money..»
4 5 ,2 2 7
77 »569.
20,0^7
12,78
3; 10
6 1 1 ,62a
7 1 .4 7 5
18,956
6 30 ',578
559»103
Other liabilities....... ..*......;
Total liabilities, excluding ’
-7-20
80,526,483
-1*03
-6 ,17 9 ,5 5 5
-826,019
capital accounts. :...... . .*., 79»700,464
85»8S0,019
CAPITAL ACCOUNTS :
Capital stock:
-40.64
-2,823
-28,605
4 4 ,6 12
70 ,3 94
Preferred stock..-..... .
-6-33
41,789
.64
7-96
10;856
126,387
1 ,707,976
1,588¿445
Common stock............ iv
. 1,714-, 8 32
97,782
5.89
1,748,588
8,033
T
o
t
a
l
.
. 1,756#621
1,658,839
264,481
9°,254
4.5 6
13*15
2 ,176,630
2,Oli>403
Surplus.... .
........... 21275,884
-97i6sn
-ii»06
9 6,5 72
14*02
688,986
785,558
883,238
Undivided’profits..... 1............
11*88
8,864
35,227
2; 75
R e s e r v e s .V..............
322,872
296,509
331,736
Total’surplus, profits and
13*22
396,280
10,438
.31
3,382,740
2,996,898
reserves.
......
3,393,178
10;
6l
494,062
5,131,328
;
36
18,471
Total capital accounts..:....;
4,655,737
5,149,799
Total liabilities and capithi’
-6.28 j
-.9 4
-807,548
8 5 ,6 5 7 ,8 1 1
-5,685,493
account s. ...........
....... 8^,850,263
90,575,756
Ratio of loan's to: total’deposits...
21*90$
19* 78$
~ l6; 36$"
UOTE: Minus sign denotes decrease.
!
jp VI
treasuhx m ? m m m
Washington
£ * RELEASE, H U M » HEtSPAFERS,
Tuesday> March U, 1 9 4 7 » ____
Press Service
fhe Secretary of the treasury announced last evening that the tenders for
$1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated March 6 and to matuw
toie $# 1947# which were offered on February 28, 1947# were opened at the Federal Heserve
Banks on March 3*
fhe details of this issue are as followsi
Total applied for - $1,873#522,000
Total accepted
- 1,31$,#3,000 (includes $22,932,000 entered on a fixed-price
basis at 99*90$ and accepted in full)
Average price
- 99*90$/ Equivalent rate of discount approx. 0,316% per annum
Mange of accepted competitive bids*
High
Low
- 99*907 Equivalent rate of discount approx. 0.3685 per annua
* 99.90$
*
9
%
m
n
0.376# •
■
(69 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
Hew Work
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1 26,770,000
1,352,952,000
23.385.000
13.155.000
6.295.000
6.610.000
31(2,100,000
16.570.000
#
TOTAL
1 2 .6 9 0 .0 0 0
1 7 ,2 2 7 ,0 0 0
3,1(1(5,000
1 8,617,000
91(1,086,000
3 6 ,53b,000
1 0.055.000
5 ,5 8 2 ,0 0 0
6 .6 1 0 .0 0 0
21(1,060,000
1 1 ,7 96 ,0 0 0
9 ,218,000
ll(, 158,000
3 , lob,ooo
51,993,000
37.733,000
*1,873,522,000
*1,315,553,000
•
TREASURY DEPARTMENT
Washington
FOR R E L E A S E > M O R N I N G NEWS P A P E R S ,
Tuesday, M a r c h 4 / 1 9 4 7
P r e s s Service
No. S-255
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that
the t e n ders f o r $ 1 , 3 0 0 , 0 0 0 , 0 0 Q or t h ereabouts, of 9 1 ~ day T r e a s u r y
bills to be d a t e d M a r c h 6 a n d to m a t u r e J une 5 , 1947, w h i c h were
offered on F e b r u a r y 28 , 194?, were opened at the F e d e r a l R e s e r v e
Banks on M a r c h 3.
The d e t a i l s of this issue are as follows:
Total a p p l i e d f o r - $ 1 , 8 7 3 , 5 2 2 , 0 0 0
Total a c c e p t e d
1 , 3 1 5 , 5 5 3 , 0 0 0 (includes $ 2 2 , 9 3 2 , 0 0 0 e n t e r e d
on a f i x e d - p r i c e b a s i s at
_
,
99.905 a nd a c c e p t e d In full)
Average p r i c e - 99.§C5-?f Equiv. rat e of d i s c o u n t approx, 0.376fo
per a n n u m
Range of c o m p e t i t i v e bids:
High - 9 9 . 9 0 7 Equiv.
Low
- 99.905
"
(69 p e r c e n t
rate of di s c o u n t approx. 0.388% p e r a n n u m
M
"
ff
"
0 . 3 7 6?o "
”
of the a m o u n t bid f o r at the l o w p r i c e was a c c e pted)
Federal R e s e r v e
D i s trict
Bost o n
New Y o r k
Phil a d e l p h i a
Cleveland
Ri c h m o n d
A t lanta
Chicago
St, L o u i s
Minn e a p o l i s
Kansas C i t y
Dallas
San F r a n c i s c o
Total
A p p l i e d f or
$
2 6 ,7 7 0 ,0 0 0
1,352,952,000
23.385.000
13.155.000
6.295.000
6 .610.000
34.2 , 430,000
16.570.000
$
18,617,000
941.086.000
16.534.000
.
1 0 0 55.000
17.227.000
3,445,000
51.993.000
5.582.000
6 .610.000
241.060.000
11.796.000
9.218.000
14.158.000
3 .104.000
37.733.000
$1,873,522,000
$1,315,553,000
.
1 2 690.000
TOTAL
Total
Accepted
0O 0
sold, redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. Lp.8, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
-
2
-
Immediately after the closing hour, tenders will be opened at the Federal
Reserve Banks and Branches, following which public announcement Will be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for $200,000
or less from any one bidder at 99.905 entered on a fixed-price basis will be
accepted in full.
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
March 13. 19k7_______ .
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other excise taxes,
whether Federal or State, out shall be exempt from all taxation now or here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
U2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section ll5 of
the Revenue Act of 19U1* the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
IIEM
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS.
Friday, March 7, I9U7_____
The Secretary of the Treasury, by this public notice, inviA&J herders for
$ 1,300,000,000
3
or thereabouts, of :
_91
-day Treasury bills, to' be issued
on a discount basis under competitive and fixed-price bidding as Hereinafter
provided.
The bills of this series null be dated
trill mature
out interest.
June 12,
19h7
March 13,
19h7______ , and
, when the face amount will be payable with-
They will beC^ssueckin bearer form only, and in denominations
of $ 1 ,000, $ 5 ,000, $ 10 ,000, $ 100,000, $ 500,000, and $ 1 ,000,000 (maturity value).
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o'clock p.m., Eastern Standard time, Monday, March 10, 19U7
---
—
S3—
Tenders will not be received at the Treasury Department, Washington.
-----"Each
tender must be for an even multiple of $ 1 ,000, and the price offered must be
expressed on the basis of
Fractions may not be used.
100,
with not more than three decimals, e. g.,
99*925»
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
V
i*
TREASURY DEPARTMENT
'
•
Washington
FOR RELEASE/. 'MORNING: N E W S P A P E R S '
Friday, 'ftfcreh r*p£ 194?- .. •/ ;
Press.. S e r vice
No, ' S>256 •
The S e c r e t a r y of the T r e asury, b y this p u b l i c notice,:
i n v ites te d d e r s f o r $ 1 , 3 0 0 , 0 0 0 , 0 0 0 , or thereabouts,, of 9 1 - d a y
T r e a s u r y b i l l s , to be i s s u e d on a d i s c o u n t b a s i s u n d e r c o m p e
titive a n d f i x e d - p r i c e bi d d i n g as h e r e i n a f t e r p r o v ided.
The/
b i lls of this series will be d a t e d M a r c h 13, 1947, and will m a t u r e June 12, 1947, w h e n the face a m o u n t will be p a y able
w i t h o u t interest,
T h e y will be i s s u e d in bearerrfprm b d l y ^ a n d ir
d e n o m i n a t i o n s of $ 1 ,000, $ 5 ,000, $ 10 , 000, $ 100 ,000,
$500,000, a n d $ 1 , 0 0 0 , 0 0 0 ( m a t u r i t y value).
T e n d e r s will be r e c e i v e d at F e d e r a l R e s e r v e B a n k s and
B r a n c h e s up to the closing hour, two o ’c l o c k p.m., E a s t e r n
S t a n d a r d time, Monday, M a r c h 10 , 1947.
T e n d e r s will n ot be
r e c e i v e d at the T r e a s u r y D e p a r t m e n t , W a s h i n g t o n .
Each tender
m u s t be f o r an even m u l t i p l e of $ 1 ,000, a nd the p r ice o f f e r e d
m u s t be e x p r e s s e d on the b a s i s of 100 , w i t h n ot m o r e than
three decimals, e.g., 99.925.
F r a c t i o n s m a y n ot be used.
It
is u r g e d that te n d e r s be m a d e on the p r i n t e d f o r m s and f o r
w a r d e d in the special e n v e l o p e s w h i c h will be s u p p l i e d by
F e d e r a l R e s e r v e B a n k s or B r a n c h e s on a p p l i c a t i o n therefor.
T e n d e r s will be
received without deposit from i n c o r p o
r a t e d b a n k s a n d trust c o m p a n i e s a nd f r o m r e s p o n s i b l e and
r e c o g n i z e d de a l e r s in i n v e s t m e n t s e c u r i t i e s / T e n d e r s f r o m
others m u s t be a c c o m p a n i e d b y p a y m e n t of 2 p e r c e n t of the
face a m o u n t of T r e a s u r y b i l l s applied for, u n l e s s the t e n d e r s
are a c c o m p a n i e d b y an e x p r e s s g u a r a n t y of p a y m e n t b y an i n
c o r p o r a t e d b a n k or trust company.
I m m e d i a t e l y a f t e r the closing hour, t e n ders will be
open e d at the F e d e r a l R e s e r v e B a n k s and Bra n c h e s , f o l l o w i n g
w h i c h p u blic a n n o u n c e m e n t will be m a d e b y the S e c r e t a r y of
the T r e a s u r y of the a m o u n t a nd p r i c e range of a c c e p t e d bids.
Those s u b m i t t i n g t e n ders will be a d v i s e d of the a c c e p t a n c e or
r e j e c t i o n thereof.
T he S e c r e t a r y of the T r e a s u r y e x p r e s s l y
re s e r v e s the r i g h t to a c c e p t or r e j e c t a n y or all tenders, in
whole or in part, a n d his a c t i o n in a n y such r e s p e c t shall be
xInal.
Su b j e c t to these r e s e r v a t i o n s , t e n d e r s for $ 200,000
or less f r o m a n y one b i d d e r at 99.905 e n t e r e d on a f i x e d - p r i c e
oasis will be a c c e p t e d in full.
P a y m e n t of a c c e p t e d t e nders
at the p r i c e s o f f e r e d m u s t be m a d e or c o m p l e t e d at the
fe d e r a l R e s e r v e B a n k In cash or other I m m e d i a t e l y a v a i l a b l e
funds on M a r c h 13, 1947,
'
2
.-ft
. T h e income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r intere st
or g a i n f r o m the sale or other d i s p o s i t i o n of the bills, shall
n o t h a v e a n y exemption, as such, and loss frorfi,.the sale or
o t h e r d i s p o s i t i o n of T r e a s u r y "bill's shall“~hofe::ha-ve-any special
treatm ent, as such, u n d e r F e d e r a l tax A c t s n o w or h e r e a f t e r
enacted.. The bilis'i'lhali be s u b j e c t . t o es^gl.e,. i nheritance,
gift, p£ o t h e r 1¿fliAi'&fc taxes, w h e t h e r Federal..: o.r;;State, but
shall .be exempt ^f'rom a l l ’t a x a t i o n n o w : o r - h e r e a f t e r i m p o s e d on
the. ..principal o ^ :I n t e r e s t t h e r e o f b y any. State,;; pr a n y of the
p o s s e s s i o n s of the"United' S t a t e s , •or b y a n y loeal. t a x i n g a u t h o
rity.. F o r p u r p o s e s of t a x a t i o n the a m o u n t of ’d i s c o u n t at which
T r e a s u r y b i l l s are- o r i g i n a l l y sold b y the bi^teci States; shall
b e ' c o n s i d e r e d to b e interest.
U n d e r Sect Ions, .'42..and 117(a)(1)
of the Internal R e v e n u e Code, as a m e n d e d b y TSection 115 of the
R e v e n u e A c t of 1941, the a m o u n t of d i s c o u n t at w h i c h b i l l s
i s s u e d h e r e u n d e r are sold shall not be c o n s i d e r e d to a c c r u e
u n t i l such b i l l s shall be s o l d , .r e d e e m e d or, -otherwise d i s p o s e d
of, a n d such b i l l s are e x c l u d e d f r o m c o n s i d e r a t i o n as capital
assets.
A c c o r d i n g l y , the owner of T r e a s u r y b i l l s (other t han
life I n s u r a n c e c o m p a n i e s ) ■i s s u e d h e r e u n d e r :n e e d .i n c l u d e in his
income tax r e t u r n o n l y the d i f f e r e n c e b e t w e e n the p r i c e p a i d
f or such bills, w h e t h e r on o r i g i n a l i s s u e o r o n s u b s e q u e n t p u r
chase, and the a m o u n t a c t u a l l y r e c e i v e d e i t h e r - u p o n sale or
r e d e m p t i o n at m a t u r i t y d u r i n g the taxable; y e a r f o r w h i c h the
r e t u r n is made, as o r d i n a r y g a i n or loss. 7 1
T r e a s u r y D e p a r t m e n t C i r c u l a r No. 41.8,• as amended, and
this n otice, p r e s c r i b e the terras of the T r e a s u r y b i l l s a n d --- —
g o v e r n the c o n d i t i o n s of t h e i r issue.
C o p i e s of 'the c i r c u
lar m a y be o b t a i n e d f r o m a n y F e d e r a l R e s e r v e - B a n k 'pr.B r anch.
oOo
STATUTORY DEBT LIMITATION
AS OP FEBRUARY 28, I W T
DOJJ'Ul'kliHSlLl
FAaooil Segvi
rtye rf
Wa^hAngftatry March jf, I9Î+7
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amount
of obligations issued under authority of that Act, and the face amount of obligations
guaranteed as to principal and interest by the United States (except such guaranteèd
obligations as may be held by the Secretary of the Treasury), Bshall not exceed in the
aggregate $275,000,000,000 outstanding at any one time* For purposes of this section
the current redemption value of any obligation issued on a discount basis which is
redeemable prior to maturity at the option of the holder shall be considered as its
face amount. 11
The following table shows the face amount of obligations outstanding and the face
amount which can still be issued under this limitation:
Total face amount that may be outstanding at any one time
Outstanding February 28, 19^7
Obligations issued under Second Liberty Bond Act, as amended
Int ere st-b earing
Treasury bills,................. $ 17,0^7,673*000
Certificates of indebtedness,,.,
28,783,587,000
Treasury notes.................
15,660,352,*K)0 $ 6l,h91,6l2,lJOO
Bonds
Treasury....................... 119,322,892,950
♦Savings (current redemp, value)
50,73.6,910,278
Depositary.
...... .
3^6 ,H01,000
1,132,031,775
Armed Forces Leave...........
Special Funds
Certificates of indebtedness..
12,1^8,500,000
Treasury notes. ...... .
12,789,321,000
Total interest-bearing..... ....... .........
Matured, interest-ceased.......... ................
Bearing no interest
War savings stamps..............
73.979,573
2h,2hi,53h
Excess profits tax refund bonds.
Special notes of the United States:
Internat *1 Bank for Reconst,
and Development series.... .
^07.035*000
1 ,782 ,000,000
Internet’1 Monetary Fund series
Total.......... ................
Guaranteed obligations (not held by Treasury)
Int ere st-b earing
Debentures: F.H.A. ....... .
^5*713,736
Demand obligations: C.C.C* ..... _____13^,8^0,512
Matured, interest-ceased...........................
$275,000,000,000
171,518,236,003
2^,937,821,000
257,9*+7,669,403
275,095,182
2,287,256,107
260,510,020,692
I80,55h ,2h 8
7 ,157,750
187,711,998
Grand total outstanding..............................
Balance face amount of obligations issuable under above authority
260.697.732,690
1 ^, 302,267,310
Reconcilement with Statement of the Public Debt - February 28, 19^7
(Daily Statement of the United States Treasury, March 3, 19^7
Outstanding February 28, 19^7
Total gross public debt........... ....................................
26l ,lug,229,87#"]
Guaranteed obligations not owned by the Treasury.......................
: 187.711, g # “
Total gross publipodebt and guaranteed obligations.......... .
261 ,605,941, syi>
Deduct - other outstanding public debt obligations
90S.209.186
not subje<ytCto debt limitation
260,697,732,690
.
s - ^ f ' 7
STATUTORY d e b t l i m i t a t i o n
AS OF FEBRUARY 28, 19¿7
March 7, 1947
Section 21 of the Second Liberty Bond Act, as amended, provides that the face
amount of obligations issued under authority of that Act, and the face amount of
obligations guaranteed as to principal and interest by the United States (except such
guaranteed obligations as may be held by the Secretary of the Treasury), l!shall not
exceed in the aggregate $275*000,000,000 outstanding at any one time» For purposes
of this section the current redemption value of any obligation issued on a discount
basis which is redeemable prior to maturity at the option of the holder shall be
considered as its face amount»11
The following table shows the face amount of obligations outstanding and the
face amount which can still be issued under this limitation:
Total face amount that may be outstanding at any one time
$275* 000,000,0Q0
Outstanding February 28, 1947
Obligations issued under Second Liberty Bond Act, as amended
Interest-bearing
Treasury b i l l s . $ 17*047,673*000
Certificates of indebtedness
28,783*587,000
Treasury notes *».... .......
15» 660,352*400 $ 61,491* 612,400
Bonds
T r e a s u r y . 119*322,892,950
«-Savings (current redemp. value)
50,716,910,278
Depositary. •.v..........*•
346,401* 000
Armed Forces Leave.......
1,132» 031,775
Special Funds
Certificates of indebtedness 12,148,500,000
Treasury notes........ .... 12,789.321» 000
Total interest-bearing...................
Matured, interest-ceased .......... ...........
Bearing no interest
War savings stamps...... .
73*979 * 573
Lxcess profits tax refund bonds
24,241,534
Special notes of the United States:
Internat'l Bank for Reconst.
and Development series*...
407,035*000
Internat’l Monetary Fund series 1.782,000, 000
Total.. .......................... ..............
Guaranteed obligations (not held by Treasury)
Interest-bearing
Debenture^: F.H.a . ..........
45*713*736
' Demand obligations: C.C.C. ..
134*840* 512
Matured, interest-ceased............ ..........
171,518,236,003
24.937*821,, Q00
257,947*669*403
275*095*182
2.287*256*107
260, 510,020,692
180,554*248
7*157*750
187.711*998
260.697.732*69d
Grand total outstanding...... .......
14*302,267*310
Balance face amount of obligations issuable under above authority...
Reconcilement with Statement of the Public Debt - February 28, 1947
(Daily Statement of the United States Treasury, March 3* 1947)
Outstanding February 28, 1947
Total gross public debt..............•*........................
261,418* 229*878
Guaranteed obligations not owned by the Treasury...... ................. 187*711*99.8
Total gross public debt and guaranteed obligations...... ......«*•
261,605*941*876
Deduct — other outstanding public debt obligations
not subject to debt limitation....... ..................
..... 908,209,186
260.697*732*690
S-257
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE,
5to?eeay, Mar on Tjf, 19/+7
Press Service
No. s. ^
In response to inquiries received at the Treasury today, Secretary
Snyder announced that no changes in the interest rate policy of the
Government at this time are under contemplation, fiie cautioned against
any interpretation of recent newspaper articles indicating that a rise
in rates is imminent. He said that all phases of debt management are
,
, ,
V
---.
under constant study by the Treasury and that there has been no change
•
A
in the policy announced by the President in his Budget Message that
interest rates will be kept at present low levels through continued
cooperation of the Treasury Department and the Federal Reserve System.»»
■■MB*
■the technical methods by which the Governments interest rate nolicy will
be carried out are also under constant study in collaboration with the
■ederal Reserv^Bcasfd and others interested in the subject, faie Secretary
stated that the Treasury is alert to the Government bond market and the
effect of its financing on bank reserves and the needs of different
classes of investors.
O o
,
TREASURY DEPARTMENT
Washington
Press Se r v i c e
No.- S-258
F O R I M M E D I A T E RELEA S E ,
Fr i d a y , M a r c h 7, 19^7
In: r e s p o n s e to i n q u i r i e s r e c e i v e d at the T r e a s u r y
today, S e c r e t a r y Snyder, a n n o u n c e d that n o c h a n g e s in the
i n t e r e s t rate p o l i c y of the
G o v e r n m e n t at this time are
u n d d r co n t e m p l a t i o n .
He c a u t i o n e d a g a i n s t a n y i n t e r p r e t a t i o n of r e c e n t
n e w s p a p e r a r t i c l e s i n d i c a t i n g that a rise in r a t e s is
imminent.
He said that all p h a s e s of debt m a n a g e m e n t are
u n d e r c o n s t a n t study b y the T r e a s u r y and F e d e r a l Reserve,
and that t h e r e h a s b e e n n o change in the p o l i c y a n n o u n c e d
b y the P r e s i d e n t in his B u d g e t M e s s a g e that "interest
r a t e s will be k e p t at p r e s e n t l ow leve l s t h r o u g h c o n t i n u e d
c o o p e r a t i o n of the T r e a s u r y D e p a r t m e n t a n d the F e d e r a l
R e s e r v e S y s t e m ."
The tec h n i c a l m e t h o d s b y j w h i c h the G o v e r n m e n t ' s i n «
terest r a t é p o l i c y will be c a r r i e d out are als o u n d e r
co n s t a n t study in c o l l a b o r a t i o n
w i t h the F e d e r a l R e s e r v e
O pen M a r k e t C o m m i t t e e and othe r s i n t e r e s t e d in the subject.
T he S e c r e t a r y stated that the T r e a s u r y is a l ert to
the G o v e r n m e n t b o n d m a r k e t and the e f f e c t of its f i n a n c i n g
on b a n k r e s e r v e s and the n e e d s of d i f f e r e n t classes of
investors.
0O 0
TREASURY DEPARTMENT
^
^
J
/
Washington
FOR RELEASE, MORNING ffilSPAPERS,
Tuesday, March lls 19hl
¿Voss Service
The Secretary of the Treasury announced last evening that the tenders for
$1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated March 13 sad to
mature June 12, 19U7, which were offered on March 7, 19L7, were opened at the Federal
Reserve Banks os Siarch 10*
Vie details of this issue are as follows«
Total applied for • $1 ,836,1470,OCX)
Total accepted
- 1,306,£10,000
Average price
- 99*905/
(includes |21i,660,000 entered on a fixed-price
basis at 99*90$ and accepted in full)
Equivalent rate of discount approx. 0.376# per annum
Range of accepted competitive bids«
High
Low
- 99*906 Equivalent rat® of discount approx. 0.372# per annum
- 99.905
*
*
*
«
*
0*376# »
»
(69 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
Hew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
#
TOTAL
12,070,000
1,358,139,000
39,253,000
15,005,000
9 , 6 60,000
6,675,000
272,307,000
23,510,000
2,575,000
19,696,000
11,91*0,000
65.590.ooo
$1,836,1*70,000
8,350,000
91*6,1*32,000
35,192,000
11,905,000
8,91*7,000
6,675,000
196,01*7,000
16,876,000
2,203,000
17,185,000
9,398,000
1*7,300,000
$1,306,510,000
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
T u e sday, M a r c h 11, 1 9 4 7 ________
P r ess S e r vice
No. S-259
T h e S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g
that the t e n d e r s fo r $ 1 ,300,000, 000, or t h e r e abouts, of 9 1 **day
T r e a s u r y b i l l s to be d a t e d M a r c h 13 and to m a t u r e June 12, 1 9 4 7 >
w h i c h wer e o f f e r e d on M a r c h 7, 19^7, were o p e n e d at the F e d e r a l
R e s e r v e B a n k s on M a r c h 10.
T he d e t a i l s of this issue are as follows;
T o tal a p p l i e d fo r - $ 1 , 8 3 6 , 4 7 0 , 0 0 0
T o t a l accepted.
1 ,306,510,000 (includes $ 2 4 , 6 6 0 , 0 0 0 e n t e r e d
on a f i x e d - p r i c e b a s i s at
99.905 a nd a c c e p t e d in full)
Average price
- 99.905-/- Equiv. r a t e of d i s c o u n t approx.
0 .376$ pe r a n n u m
Range
of a c c e p t e d c o m p e t i t i v e bids:
H i g h - 9 9 * 9 0 6 Equiv,
Lo*
- 99.905
"
rate of d i s c o u n t approx.
"
"
"
"
0.372^ per a n n u m
0 . 376$
(69 p e r c e n t of the amount b i d f o r at the l ow p r ice was a c c epted)
Boston
New Y ork
Philadelphia x
Cleveland
Richmond
Atlanta
Chicago
S t . Louis
Minneapolis
Kansas City
Dallas
San Francisco
TOTAL
Total
Accepted
Total
A p p l i e d for
Federal Reserve
District
$
1 2 ,0 7 0 , 0 0 0
1 ,3 5 8 ,1 8 9 , 0 0 0
39.253.000
,
1 5 005>000
9,660,000
6 ,675,000
272,307,000
2 3 .510.000
2 ,575,000
19 696.000
$
8 ,350.000
9 ^ 6 ,432,000
35 .192.000
1 1 .905.000
8 .947.000
6 .675.000
1 9 6 ,047,000
1 6 .876.000
11.940.000
65.590.000
2 .203.000
1 7 .185.000
9 .398.000
47 . 300.000
$1,836,470,000
$1,306,510,000
.
0O0
STMENT
DATE.Jtofih..6JL..1947..
TO.. .&• ..Shaeffer
Press Service B E T
Here is the release Mr. Wiggins
requested on refunds. I t ’s long
but only because of the detail which
I understood Mr. Wiggins desired.
If and when the release is issued
please ask Grace to send us the usual
quantity.
3- °i £ o
nyder said today that the Bureau of
|for promptness in paying refunds due
Returns.
D. Nunan, Jr., Commissioner of
p refunds totalling #304,080,443 were
y 1 and February 28, although the
not be filed until shortly before
Of refunds was initiated, the
DO , 000 and went to about 5,500,000
suited from irregular employment and
e the withholding tax to exceed the
plex and expensive red tape in
is based on steady employment throughg tax is apt to exceed the correct
!because of illness, seasonal shutpustments necessitated by retooling or
material shortages, etc. Several million of those who will get Refunds will
be veterans of the armed forces #10 did not enter civilian employment until
sometime after the beginning of the year.
Other causes of overwithholding include: the withholding tax is based on
a standard deduction of 10 per cent vdiile some taxpayers are entitled to larger
deductions, the withholding tax is usually determined from a table which averages
the tax for various brackets of wages and the tax itself is rounded off to the
nearest dime each payday; and many taxpayers acquire additional exemptions
(especially babies) during the year.
A very small number of the refunds result from overestimating of tax upon
a Declaration of Estimated Tax. Such refunds usually are caused by unanticipated
losses upon the sale of securities or other property.
These refunds are made on the basis of the taxpayer’s final return and are
subject to later audit and adjustment. This procedure, adopted last year, saves
the Treasury many millions of dollars in interest, since the law requires the
payment of interest at the annual rate of 6 per cent on refunds made after
March 15.
Some refunds are unavoidably delayed when taxpayers fail to sign their returns
or mske other obvious errors that are evident even before audit. Also many tax
payers fail to give correct and legible addresses with the result that their
f
refund checks are returned by the postoffice as undeliverable.
All refunds are made through the local offices of the collectors of internal
revenue.
TREASURY DEPARTMENT
Washington
FOR
JŒSÆASEj
Press Service 9 B T
E
3- Ol £ O
Secretary <wf
Snyder said today that the Bureau of
Internal Revenue is setting a new record for promptness in paying refunds due
to individuals on their 1946 income tax returns*
On the basis of reports from Joseph D* Nunan, Jr*, Commissioner of
Internal Revenue, the Secretary said that refunds totalling #304,080,443 were
sent to 7,068,736 persons between January 1 and February 28, although the
bulk of the 1946 income tax returns will not be filed until shortly before
March 15* Last year, when the speed-up of refunds was initiated, the
January-February refunds totalled #225,000,000 and went to about 5,500,000
persons last year*
|
Practically all of these refunds resulted from irregular employment and
similar factors which automatically cause the withholding tax to exceed the
final income tax* In order to avoid complex and expensive red tape in
connection with the withholding tax, it is based on steady employment through
out the year. Therefore, the withholding tax is apt to exceed the correct
tax whenever an employee misses a payday because of illness, seasonal shut
downs, labor difficulties, industrial adjustments necessitated by retooling or
material shortages, etc. Several million of those who will get Refunds will
be veterans of the armed forces who did not enter civilian employment until
sometime after the beginning of the year*
Other causes of overwithholding include: the withholding tax is based on
a standard deduction of 10 per cent while some taxpayers are entitled to larger
deductions; the withholding tax is usually determined from a table which averages
the tax for various brackets of wages and the tax itself is rounded off to the
nearest dime each payday; and many taxpayers acquire additional exemptions
*
(especially babies) during the year*
A very small number of the refunds result from overestimating of tax upon
a Declaration of Estimated Tax* Such refunds usually are caused by unanticipated
losses upon the sale of securities or other property.
These refunds are made on the basis of the taxpayer’s final return and are
subject to later audit and adjustment. This procedure, adopted last year, saves
the Treasury many millions of dollars in interest, since the law requires the
payment of interest at the annual rate of 6 per cent on refunds made after
March 15*
Some refunds are unavoidably delayed when taxpayers fail to sign their returns
or meke other obvious errors that are evident even before audit. Also many taxpayers fail to give correct and legible addresses with the result that their
refund checks are returned by the postoffice as undeliverable*
All refunds are made through the local offices of the collectors of internal
revenue.
YV
■OQÛ—
)
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wedn e s d a y , M a r c h 12, 1947.
Press Service
No, S-260
S e c r e t a r y Snyder said today that the B u r e a u of I n t ernal
R e v e n u e is s e t t i n g a n e w r e c o r d for p r o m p t n e s s in p a y i n g R e
funds due to i n d i v i d u a l s on their 1946 income tax r e t u r n s «
On the basis of re p o r t s f r o m J o s e p h D. Nun&n, Jr., C o m
m i s s i o n e r of In t e r n a l Revenue, the S e c r e t a r y said that refunds
t o t a l l i n g $ 3 ^ 4 , 0 8 0 , 4 4 3 w ere sent to 7 ,068,736 p e r s o n s b e t w e e n
J a n u a r y 1 and F e b r u a r y 28 , a l t h o u g h the b u l k of the 1946 income
tax r e t u r n s w i l l not be filed u n t i l sh o r t l y b e f o r e M a r c h 15.
Last year, w h e n the speed-up of r e f u n d s was- initiated, the
J a n u a r y - F e b r u a r y re f u n d s to t a l l e d $ 2 2 5 , 0 0 0 , 0 0 0 and went to
about 5 , 500,000 p e r s o n s . “
P r a c t i c a l l y all of these r e f u n d s r e s u l t e d f r o m i r r e g u l a r
e m p l o y m e n t and similar factors w h i c h a u t o m a t i c a l l y cause the
w i t h h o l d i n g tax to e x ceed the final income tax.
In order to
a v oid c o m p l e x and e x p ensive red tape in c o n n e c t i o n w i t h the w i t h
h o l d i n g tax, it' is b a s e d on s t eady e m p l o y m e n t t h r o u g h o u t the
year.
Therefore, the w i t h h o l d i n g tax is apt to exce e d the
correct tax w h e n e v e r an emp l o y e e m i s s e s a p a y d a y b e c a u s e of
illness, sea s o n a l shutdowns, labor d i f f i c u l t i e s , i n d u s t r i a l
a d j u s t m e n t s n e c e s s i t a t e d by r e t o o l i n g or; m a t e r i a l shortages,
etc.
Se v e r a l m i l l i o n of those who w i l l get r e f u n d s w i l l be
v e t e r a n s of the a r med forces who did not enter C i v i l i a n e m p l o y
m e n t u n t i l sometime after the b e g i n n i n g of the year.
Other causes of o v e r w i t h h o l d i n g include:
the w i t h h o l d i n g
tax is b a s e d on a standard d e d u c t i o n of 10 pe r cent w h i l e some
ta x p a y e r s are e n t i t l e d to larger deductions; the w i t h h o l d i n g
tax is u s u a l l y d e t e r m i n e d fro m a table w h i c h a v e r a g e s the tax
for va r i o u s b r a c k e t s of wages and the tax i t s e l f is r o u n d e d off
to the n e a r e s t dime eac h payday; and m a n y ta x p a y e r s ac q u i r e
a d d i t i o n a l e x e m ptions (e sp e c i a l l y babies) d u r i n g the year.
A v e r y small n u m b e r .of the r e f u n d s r e sult f r o m o v e r e s t i
m a t i n g of tax u p o n a D e c l a r a t i o n of E s t i m a t e d Tax.. Suc h r e f unds
u s u a l l y are caused b y u n a n t i c i p a t e d losses u p o n the sale of
s e c u rities or other pro p e r t y .
T h e s e re f u n d s are m a d e on the basis of the t a x p a y e r ' s
final r e t u r n and are sub ject to later audit and a d j u s tment.
This p r o c edure, a d o p t e d last year, saves the T r e a s u r y m a n y
m i l l i o n s of dollars in interest, since the l aw r e q u i r e s the
p a y m e n t of in t e r e s t at the annual r ate of 6 p er cent on refunds
m a d e after M a r c h 1 5 .
2
Some r e f u n d s are u n a v o i d a b l y d e l a y e d w h e n tax p a y e r s fail
to sign their re t u r n s or m a k e other obvious errors that are
e v i dent e v e n b e f o r e audit.
A lso m a n y ta x p a y e r s fail to give
correct and l e g ible ad d r e s s e s w i t h the r e s u l t that their r e f u n d
checks are r e t u r n e d b y . t h e p o s t o f f i c e as u n d e l i v e r a b l e .
A l l r e f u n d s are m a d e t h r o u g h the local offices of the
coll e c t o r s of in t e r n a l revenue.
0O 0
(
TREASURY DEPARTMENT
Bureau of Internal Revenue
Joseph D* Nunan, Jr*, Commissioner of Internal Revenue, announced today
that the Bureau of Internal Revenue had assumed jurisdiction over violation
cases ■which were formerly under the jurisdiction of the National Wage
Stabilization Board*
The National Wage Stabilization Board was terminated by Executive Order
9809 dated December 12, 1946, and certain stabilization functions of the
Board were transferred to the Treasury Department*
These functions were
in turn transferred to the Commissioner of Internal Revenue to be administered
by the Salary Stabilization Unit*
The Commissioner said that all pending violation cases transferred from
the Board and all newly reported cases would be handled by the Salary
Stabilization Unit*
In this connection the Commissioner reminded employers
that it will be the policy of the Salary Stabilization Unit not to reopen any
case which has been closed by the Board*
Wage and Salary Stabilization was a wartime measure to prevent inflation
and was suspended by the December l^J^ecutive/^der in all respects except
processing of violations which occurred prior to that date*
No exact date has been set for the final liquidation of the Unit, since
not all investigations of alleged violations have been completed, and therefore
it is not known how many cases remain to be processed*
However, the staff of
the Unit has been reduced from a wartime high of in excess of 500 persons to
16 persons, and all regional offices of the Unit have been merged with othe
TREASURY DEPARTMENT
Washin gton
FOR RELEASE, MORNING NEWSPAPERS,
Wednesday, March 12, 19 A7.____
Press Service^
No* $-261
Joseph D. Nunan, Jr., Commissioner of Internal Revenue, announced
today that the Bureau of Internal Revenue had assumed jurisdiction over
violation cases which were formerly under the jurisdiction of the
National Wage Stabilization Board.
The National Wage Stabilization Board was terminated by Executive
Order 9809 dated December 12, 1946, and certain stabilization functions
of the Board were transferred to the Treasury Department.
These functions
were in turn transferred to the Commissioner of Internal Revenue to be
administered by the Salary Stabilization Unit*
The Commissioner said that all pending violation cases transferred
from the Board and all newly reported cases would be handled by the Salary
Stabilization Unit.
In this connection the Commissioner reminded employers
that it will be the policy of the Salary Stabilization Unit not to reopen
any case which has been closed by the Board.
Wage and Salary Stabilization was a wartime measure to prevent
inflation and was suspended by the December 12 Executive Order in all
respects except processing of violations which occurred prj_or uo that date*
No exact date has been set for the final liquidation of the Unit,
since not all investigations of alleged violations have been completed,
and therefore it is not known how many cases remain to be processed*
However, the staff of the Unit has been reduced from a wartime high of in
excess of 500 persons to 16 persons, and all regional offices of the
Unit have been merged with other field offices of the Bureau*
0
1*
The level and structure of individual income tax
exemptions*
2*
A credit for earned income under the individual
income tax*
3*
She treatment of family income under the individual
income tax*
4*
Taxation of capital gains and treatment of capital
losses*
5*
The treatment of pensions and annuities under the
individual income tax*
6.
Special allowances for the aged under the individual
income tax*
7*
An allowance for life insurance premiums and other
forms of savings under the individual income tax.
S*
Revision of the structure of some 50 excise taxes*
9*
Extension of social security coverage to the selfemployed and farm and domestic workers.
10*
Taxation of small 'business.
11*
Double taxation of dividends*
12*
Taxation of cooperatives and other tax-exempt
organizations*
13 *
Elimination of discriminations as between various
forms of doing business — proprietorships, partner
ships, cooperatives, and corporations*
l*!-*
Taxation of American corporations doing business
abroad*
15*
Depreciation — possibilities of acceleration or
additional flexibility.
l6*
The revision of net loss carryback and carryforward
provisions and other incentive tax proposals for
encouraging investment and employment.
ttt
tax
at
praam
Comparison
individual incoma
liabilities under
it l av and under 1.£. l and the
revenue affects of task of the provisions of X. X. l f d i s t r i c t ad by net income classes
at $1 6 5 .6 billions
income payments in the calendar year 1$*?
(In millions of dollars)
s
t
1
Vat income
class
($000)
Under 1
1 ,1 - t
fc~~ 3
? : f
Xhder 5
5-10
10 - 25
25-50
50 - t o o
100 ~ 250
250 - 500
500 - 1,000
1,000 - end over
5 ant over
fetal
lots)
1/
2/
jyf
fatal
tan
1 liability
♦
under
{present lam
t
t
I
299*5
2.839,6
3 ,692,3
1,827,7
-775.9
l * 3i s f ©
1 ,276,6
1 ,635,5
1.183*6
915,2
**,t
1
1
I fatal s fatal
*
tax t decrease
silabilityi in tax ■■■
t HUM«* 1 from
»•we'*" ¡present law
1
1
'fe
*
,4...
S
233,5
2,224,5
2.905*2
l**fl6,€
66S.7
7.3$gi.6
l,o4i.6
1,695,1
1,157,5
S S fc f
1 Decrease in tax from present !law resulting
s
from saeh provision of H. B* 1
t leduetion of 1 ledaction of s Additional
s tentative no*w s tentative nor- s exemption
$ mal and surtax s mal and surtax 1
of *500
t
in amounts $ in amounts 1 for personst of $250*000 s larger than t
over
t or lass by t *250,000 bjr X 65 years
t 2& percent 1 /
15 percent 1 / t
of age
66fO
&5,i
7»7,1
4u,l
167.2
2*oSb.i
365,5
•«a*
l^T>t
met
276,6
263.6
379.3
374,6
27S.O
224.1
167.3
56,8
32*2
276,6
59et
568.0
6.1
storne
73^*5
223.5,
167,1
51*2
20,8
„ 8.5
±m
m-.
tfS.6
*¡5.6
12.0
i?§is
12.8
**
—^-T
T,$6M
¡fc§
276,1
202,3
2*5.5
0,12 3 ,5
lffe,i
\,w 3
11,6
22.2
-py
l?t©m.3
13*512.1
3**Sf»2
3*2T2#T
37.2
, 30.7
4 7 .1
3,6
figures are roundsd and sill not necessarily add to totals.
this amounts to a reduction of 20 percent from the present lam final normal and surtax.
this amounts to a reduction of 1 0 .5 2 6 3 percent from the present l av final normal and surtax,
less than $50*000.
*79*3
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telili **a*tetrat* non te tete»* te »»tete tei
t e «Ite* ******* * f#!i*te t e tet f»* » X»te tei
«tei tt vili tete i» Intel»«* aiiaaXatisf «ft**t te
t e •**»*«*.
te tete tetefite «tei a* aliava»** 1» te* aatteta*
fa* ««r !»**•**• 1» te l*r©X* *f protette» tei in*©»**
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te i » 1 «
o 0 D
1r m asi halle«# that st th# p*#«sat rat# #f
salissi!#»#. l $ M rseslpts far ifcs fiscal. y»«r
13^1 ulll far exceed tic hcdget estimatasi
fi® euilook: is that rssalpt# idi! ha higher ti»
prerieusXy estimated, asá liai os shall «cesse* ix
otas program of reducing «rpeaditaras to m m m greats*
«stesi tías ve had ««timte* essiti Is seatstpisaes,
instead of « Sofisti of $$*J Mill©»* ss estimici la
the Budget Message, i Sellóse that os shall is sills to
exists m lm%sts^r sarplms far the fissai pear Xf%7*
fhs mala stessa far the highe^thaa-sstiaaied receipt«
is that aatlsaal lasest* Is roaming at rasará losáis«
lasos# paymeaia reached m m sil-time high* la loth
Besemfear aad fssuary. 1t olii Ss possiti* to etisia
s vosh clearer pistare of the iaprorad hedgetory
eitornilo» «he» thè Marsh lasase tea rsesipts «ars la*
■’
5® b|Sv:?',
i
gg a m
S m M m S *
W
u u * *
m m
• m p iic tt fo r
m
m m m p ®
«I
|§ É
i i s r i or over u a
daeirahle rubatitute for proposed «»tension« of the
mte» ef exclusions »nr enjoyed ìgr eoo# taxpayer*.
as social security annuitants. railroad retire«
met auallnti or persons receiving military
disability pensions?
iSSESt1
* ** eppessd to any «assistale» ef special grotto from
the individual incera tax «ad hence I am opposed to
proposa!« «&$<& weald extend M
«esimie»«* | de
»et telieee that the Irnoste tax offers ox appropriate means
of giving reUef to special groups. | hellere that tie
indiridual iaoome tax should apply uniformly te «il greppo*
\
\
\
\
Qnaatlaa **t Bo iti
that ih« praaaat hi# rata» tf ih»
iillfiastl uteema t e a?» diaaaaragiag tha developmeat «ad continuane© af «sali buslaassaa» and £hm£
aonopolyf
iagesr :
jULthoo# mangr «sali husiaaetaa ca&aed opergtìo&a
dorlag tha mar* thlèé hai haaa a aharp incramsa la
thè mamtar of sa* fimi «tace W T Bear* % ®14~19H6f .
all ,cf-^tha tarilM daeramta im tha hatiaaaa popolaiioa
had ìwn «ad» op* lai thè Bombar of opar&tiag inai«
aase firme amaaadad thè provar paste, Sha aumbar of
firma ìa «paratie* eoatinoed ta incraaaa la tha
«eoond half of 19 ^6. Whlla tha number of aav firma
baglaaiag bueinee* h&a grava rapi&ly• tha Bombar of
firma diaeaatlimiag M i a i « ha» tata mkilftlf
amali« la via* af tha raeant grevth af aav amali
hoaiaaaaaa» 1 do aat ballava Hat praseat tasta ara
me* dìscoutaging tha drralopaaiit «ad eontiauaaoa af
«sali busta#ss or promatlag «eaopoly.
Itembar of Oparating Bastasi» firma» All Industri»»
m a r . i n ■« » ■ «■ ■ > 1 1^ ,—i i p J a S — w ■ ■ ■ n . ■— i» > w n m— mmtmirnmiMmtm, < » ■
■ '■ m » « » w » i. w h i» n— im i mm mm+mmmmmrn
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3455.?
MÌÓ.f
2.923.5
3.«M
3.5QJ.9
da of September 30*
da af dba» |@«
Boaro* 1 Bspartmsnt af Gommerei estimati!• Sagrar of
i r m i Business. ¿mutue? %$kf9 p, il«
i
à fÉ to l
tewmrt
4 M thore «ar a&aialstrafciT» rallado*
Dooiolona
or »looogropfc* .velali aotr «et ito deterrent« to latir!taal
initiative or m ehotmleo to huoisooo axoansloní
flio freaoary Bepartnoni has toaos oat eoatiaaeo to to
m m t sitadou» that tito sésilnietratiox* of oar % m I m m feo
conducted oith tho leoot peosifcle advareo liopset oa
hnoiitooo* fho Congreso ostatoliehoo tito tas lavo« fho
atalalstrativo took of the Sapertarent io to ooo that
they aro fairly mad properly ainittiotoret* It io not
tho jot of tho administrator oither to curtail or eapmad
the scops of t&o t m m tooyont their legislative purpose,
m i tito freasaty has aot nttoaptot to to so* I to not
I Ä ä that oar policies madsr Uto control of tho
Department hero cam«at any deterrents to ixtltietiro or
IhMdmoo expansion*
m*ìm
fa» j f H suggest any alternative
4 at changing it#
individual income tax «rtlea involving atout the ease
&**• ef r a m a whleh, la your spialo», vould he | mere
effective method of stimulating investment end encourag*»
i*d
Incentive? % e e l f l * a U y , «hat 1 « year
opinion ns to the value of an Increase in personal
axsoptions from the point of view of thoee objetives?
mnsemmt
At the present time, art tore already stated, business
Is operating .at capacity. II, however, at a future date
tasines* should he operating at less than cruelty*
I believe that it could %■# stimulated by tax reductions,
Stash tax reduetions i i € l he so designed m heth to
stimulate business incentives and to Increase mass pur-»
^a^ag paver on which business prosperity ultimately
dríade« 1 believe, therefore, that la ear eesh future
wrisiea of the tax system consideration Should he give*
hath to decreasing tax ratee sad to increasing personal
exertions la a Miner ealeulated to distrihute the
he®«fite equitably*
la your
thè firn mi
«f tim
|«neour&~« tomi*
* high U n i of
n« 8s
Answer*
1 do mat W l i f f i «o
Pte d«orw*«#o would se% «Ijg»
M l
«
t® thw lissadiftt»
«ad
l«f»lt«
of Vasi*
rnmmm mm
t© m m «2*$th*r it till bo imjwartamt to revise
^
***d Ä door«**« tax rote* with « vioir to
Hoaorebl»
M Ì K ft
W. Snyder
1» y»u hallara that th# pro sani high rata« af
tfe* ladltl&ml incoa# tax «ini dlseauragiag the daralap*
wit m ä m&ttvmmem af smssIX huslnasaae, ami. Urns pro
moting aonooolyf
IP© axaoptioa far parsons of % years sap inr I« « de
sirable substitute far proposed extensions of the system
sf exclusions maw enjoyed % a m taxpayers* such ss sostai
security aussilast«, railroad retirement annuitants or ^
soso receiving «ilitary disability passassi
^
®ei believe that st tfee present rate of
eolleetions, federal receipts for the fissai year Ifbj will
far samad the tadlet satinateci
T* What do 70s astiaste Hie Individu?*! lasóse tar U«»*** ta uadcr the present law for the calendar year
% W f i lew nach of a loas la resanas do you astimi# will
****** sudar M . If Hat part af this loss do you estimi#
J* attributable to the 20$ redaction, what part to the
1S||I reduction, and Hat part to ih© additione,1 exemption
allowed parsons ovar 6*>f low Is this loss distributed
among the various net incoa© and surtax net 1Boone groopst
la arriving at these estimates« he« any consideration bean
dtsan ta tha probable Inarms# in tha yield af the leeone
tas* in this period do# to a high«? tarai af business nati*
rtty resulting fron «nah reduction and if so« how «achí
lespeetfolly
/«/
Honorable fohn ft* ¿syder
Secretary of tha treasury
Washington, ©• É*
yours,
l à m i iraesoii
¥
c
9t f W r ì m m * m ®
m
Wmmof
*m
L
.
**éL$ t£«
*m m m
i%£mf^iiii
Washington, B,
6.
March S t |f%f
Boar Mr. Saoroteryt
®S* f e i s i U w an teya ani Maro« will begin hearings #m
2.S. I* a Sill f# raduna individual Incisa tan paynrota, ««4
Mill Sa happy lo hroo yon appaia* a# th® first vitnaas an
murtday, ftarte 11* i$fc? at « tX.. la fht lay» and Maro« C a n *
Ittaa loan af tea Sow M a m a Office Building,
B m r a ara oartaln questions npan white tha Caroltta« would
particularly U k n ta hava your aplalaa. I an therefor®, roteaittlag throa questions to you at tei « tino In orlar to affari yen an
opportunity to atady than prior ta your appaarrooa Safer# ita Coroittaa. Utaao questions arai
I* la yonr opinion, would tee onaotuont of 1.1. 1 atlnul&te
tha flow of venturo capi tel «ad the affettiva fuaotloalag of
tha wrongertal group la oar society, encourage bsatiiase ©spanatro» rod eoa tri Sat a towards « high lavai of enplnynentf
2. Can* you aeggest any alternative netted of chroming tea
individual incroo ta* nynten Involving about tea aro® loro of
revenue white, in year opinion* would Sa a «oro effettiva
notead of atlrolatlng invest«®»! rod encouraging sroagroant incentivef Spati finally, tent la your opinion »a to tea vain* of
ro inert®«# in paraetinl onaaptlona fro« tha point of viro of
than# objectives?
J* Aro tear# any «dainiatretlva ralinga, fraroury Itatialena
ar ndneographs tette now not &« datarraata to Individual laittstlva or ns oSotroloa to Sualnaro expansion?
TREASURY DEPARTMENT
Washington
CONFIDENTIAL
- HOLD FOR RELEASE
T h e f o l l o w i n g statement "by S e c r e t a r y Snyder, m u s t
be h e l d in strict c o n f i d e n c e a n d no portion,
s y n opsis or i n t i m a t i o n is to be g i v e n out or p u b
l i s h e d u n til r e a ding of the sta t e m e n t ha s begun,
p r o b a b l y at 1 0 :00 A.M., T h u r s d a y , M a r c h 13* 1947.
T h e same r e s t r i c t i o n s a p p l y to r a d i o c o m m e n t a t o r s
and newscasters*
(Extreme care should be e x e r c i s e d to p r e v e n t
p r e m a t u r e pu b l i c a t i o n . )
CHAS. P. SH A E F F E R
D i r e c t o r of P u b l i c R e l a t i o n s
S t a t e m e n t of S e c r e t a r y Snyd e r b e f o r e
W a y s and M e a n s C o m m i t t e e of the
H o u s e of R e p r e s e n t a t i v e s
M a r c h 13, 1947
the
I am g l a d to h ave this o p p o r t u n i t y to a p p e a r befo r e
the W a y s and M e a n s C o m m i t t e e to d i s c u s s the imp o r t a n t issu e s
r a i s e d b y p r o p o s a l s for tax redu c t i o n .
T h i s is the second time the C o n g r e s s has g i v e n c o n
s i d e r a t i o n to p r o p o s a l s f or m a j o r tax r e d u c t i o n since the
e n d of the war.
The f i rst step to r e d u c e w a r t i m e taxes was
t a k e n in the R e v e n u e A c t of 1945*
That A c t m a d e m a j o r
r e d u c t i o n s in b o t h c o r p orate taxes a nd I n d i v i d u a l Income
taxes a n d a m i n o r r e d u c t i o n in e x cise taxes.
T h a t f i rst
tax r e d u c t i o n h a d as its p u r p o s e the e a s i n g of the t r a n s i
t i o n f r o m a w a r t i m e to a p e a c e t i m e economy.
The t r a n s i t i o n
w as m a d e w i t h less d e c l i n e In b u s i n e s s a c t i v i t y t h a n was
expected.
The p r e s e n t p r o p o s a l s are b e i n g c o n s i d e r e d
a g a i n s t a d i f f e r e n t and m o r e f a v o r a b l e e c o n o m i c b a c k g r o u n d
t h a n the f i r s t tax reduction.
S-262
T o d a y the e c o n o m i c s i t u a t i o n is g o o d / W e can l o o k
h a c k on e c o n o m i c d e v e l o p m e n t s of 1946 w i t h c o n s i d e r a b l e
satisfaction.
I n 1946 c i v i l i a n e m p l o y m e n t w as at an all time high.
B y the end of 1946 m o r e t han 1 0 , 0 0 0 , 0 0 0
d e m o b i l i z e d v e t erans h a d f o u n d c i v i l i a n Jobs.
Total p r o
d u c t i o n also r e a c h e d n e w p e a c e t i m e highs.
F o r the y e a r
as a w h ole p r o d u c t i o n was 50 p e r c e n t above 1939 and o nly
15 p e r c e n t b e l o w the w a r t i m e ,peak.
A l t h o u g h there were
still s h o r tages in some lines, the A m e r i c a n p e o p l e w e r e
s u p p l i e d w i t h m o r e g o o d s a nd services than ever before.
I b e l i e v e we can loo k f o r w a r d in 1947 w i t h confidence.
It should be a y e a r that will d e m o n s t r a t e once a g a i n the
v i t a l i t y of the A m e r i c a n s y stem of free enterprise.
Great
tec h n i c a l a d v a n c e s were a c h i e v e d d u r i n g the war.
M a n y of
these will be d i r e c t l y a p p l i c a b l e to p e a c e t i m e prod u c t i o n .
As we c o m plete the t r a n s i t i o n f r o m w a r t i m e p r o d u c t i o n these
i m p r o v e m e n t s will to an i n c r e a s i n g extent m a k e their impact
a nd con t r i b u t e to r a i s i n g still h i g h e r the A m e r i c a n s t a n d
a rd of living.
W e h o l d In our own h a n d s the d e t e r m i n a t i o n
of h o w r a p i d l y this a d v a n c e will take place.
It will d e p e n d
to an i m p o r t a n t e x tent u p o n the p u r s u i t of a sound g o v e r n
m e n t f i n a n c i a l policy.
U n d e r the e x i s t i n g h i g h n a t i o n a l income, taxes at
p r e s e n t levels can be p a i d w i t h less h a r d s h i p a n d less
effect on b u s i n e s s t h a n w o u l d be p o s s i b l e u n d e r less f a v o r
able circum s t a n c e s .
H i g h p r o d u c t i o n was a c h i e v e d in 1946
w i t h p r e s e n t tax rates.
I b e l i e v e that we can g o a h e a d in
1947 w i t h the same g e n e r a l tax r a t e s w i t h o u t a n y d e c r e a s e
in p r o d u c t i o n .
U n d e r p r e s e n t e c o n o m i c conditions, it is sound p o l i c y
to a c h i e v e a s u b s tantial b u d g e t surplus, and to a p p l y that
surplus to r e d u c t i o n of the p u b l i c debt.
In the budget,
net r e c e i p t s f or the f i s c a l y e a r e n d i n g June 30, 1948,
were e s t i m a t e d at $ 3 7 , 7 0 0 , 0 0 0 , 0 0 0 *
T h e C o n g r e s s h as a l r e a d y
a p p r o v e d a n e x t e n s i o n of the s o - c a l l e d war e x c i s e tax r a tes
w h i c h will I n c r e a s e net r e c e i p t s b y $ 1 , 1 0 0 , 0 0 0 , 0 0 0 , to a
total of $ 3 8 , 8 0 0 , 0 0 0 , 0 0 0 f or the fiscal y ear 1948.
Th e
P r e s i d e n t ' s b u d g e t e s t i m a t e s e x p e n d i t u r e s f or the f i s c a l y e a r
1948 at $ 3 7 , 5 0 0 , 0 0 0 , 0 0 0 *
A con f e r e n c e C o m m i t t e e of the H o u s e
a n d Senate is c o n s i d e r i n g l e g i s l a t i v e b u d g e t e s t i m a t e s of
e x p e n d i t u r e s r a n g i n g f r o m $ 3 1 ,500 , 000,000 to $ 33 , 000 ,000 ,000 .
It is too e a r l y to k n o w w h e t h e r or not e x p e n d i t u r e s duri n g
the fiscal y e a r 1948 will a c t u a l l y fall b e l o w the original
budg e t f i g u r e of $ 3 7 , 5 0 0 , 0 0 0 , 0 0 0 .
Once t a xes are r e d u c e d it
w o u l d not be e a s y to re v e r s e the a c t i o n t a k e n and r e s t o r e them.
It w o u l d a p p e a r s o under to a w a i t m o r e d e f i n i t e e v i d e n c e on
b u d g e t a r y d e v e l o p m e n t s f o r the fiscal y e a r 1948 b e f o r e p r o
ceeding w i t h c o n s i d e r a t i o n of tax cuts*
I feel r e a s o n a b l y
c e r t a i n that such surplus as is l i k e l y to be r e a l i z e d will
not e x c e e d what will g e n e r a l l y be r e g a r d e d as a p r o p e r
i n s t a l l m e n t of r e d u c t i o n in the p u b l i c debt*
The
p u b l i c debt n o w stands at about $ 2 6 0 , 0 0 0 , 0 0 0 , 0 0 0 *
T h i s is a p p r o x i m a t e l y $ 2 0 , 0 0 0 , 0 0 0 , 0 0 0 less t h a n the p e a k
r e a c h e d a b out a y e a r ago.
The r e d u c t i o n thus far h as b e e n
m a d e b y d r a w i n g d o w n the T r e a s u r y cash b a l a n c e f r o m a h i g h
wa r level to a p e a c e t i m e level, but f u r t h e r r e d u c t i o n s can
be a c h i e v e d o n l y out of a surplus of r e c e i p t s over e x p e n d i
tures.
I n t e r e s t c h a rges on the debt h ave b e e n kept at a
m i n i m u m b y a j u d i cious p o l i c y of f i n a n c i n g at lo w i n t e r e s t
rates.
B o n d p r i c e s h a v e b e e n h e l d stable.
This policy
k e e p s d o w n the b u r d e n on the ta x p a y e r a nd i n s p i r e s b u s i n e s s
confidence.
W h e n n a t i o n a l income is high, as it n o w is, the p u b l i c
debt should be reduced.
W e n o w h a v e an o p p o r t u n i t y to
d e m o n s t r a t e our d e t e r m i n a t i o n to p a y off the debt.
I be
lieve that we should b e g i n a p r o g r a m of debt r e t i r e m e n t
w i t h the la r g e s t f e a s i b l e red u c t i o n .
W e should take full
a d v a n t a g e of our
present opportunities.
It m a y be that in
the f u t u r e there will be y e a r s w h e n it will be u n w i s e to
t ry to r e t i r e a n y part of the debt.
If, however, we redu c e
the debt as r a p i d l y as we ca n in g o o d years, there will be
less cause fo r c o n c e r n if we have to omit debt r e t i r e m e n t
in some f u t u r e year.
A l t h o u g h I do not b e l i e v e that tax r e d u c t i o n Is a p p r o
p r i a t e at this time, I am sure that b a s i c tax revisions,
i n v o l v i n g s u b s tantial r e d u c t i o n s of p r e s e n t taxes, will be
p o s s i b l e at a later time.
T h e e x t e n t and n a t u r e of these
t ax r e v i s i o n s will d e p e n d on b u d g e t a r y a nd e c o n o m i c d e v e l o p
ments.
A t the pr e s e n t time it is i m p o s s i b l e to f o r e s e e
wha t the r e q u i r e m e n t s of p e a c e t i m e p u b l i c e x p e n d i t u r e s will
be.
F u t u r e d e f e n s e expen d i t u r e s , in
p a r t i c u l a r , will d e
p e n d on h o w s a f e l y we e s t a b l i s h the peace.
^
^-s i mportant, however, to k e e p in m i n d c e r t a i n e s s e n
tial r e q u i r e m e n t s of a sound tax system, so that a ny I m m e d i
ate a c t i o n will n ot p r e j u d i c e d e s i r a b l e l o n g - r u n revisions.
The tax s y s t e m should p r o d u c e a d e q u a t e revenue.
It should
be e q u i t a b l e In its tre a t m e n t of d i f f e r e n t groups.
It should
I n t e r f e r e as l i t t l e as p o s s i b l e w i t h i n c e n t i v e s to w o r k and
4
to i n v e s t . Xt s h ould h e l p m a i n t a i n the b r o a d c o n s u m e r
m a r k e t s that
are e s s e n t i a l f o r h i g h - l e v e l p r o d u c t i o n a nd
e m p l oyment.
T a x e s should he as simple to a d m i n i s t e r a nd
as e a s y to c o m p l y w i t h as possible.
T h e s e p r i n c i p l e s s h o u l d g o v e r n the d e v e l o p m e n t of
the p o s t w a r tax s y s t e m in A m e r i c a .
In line w i t h these
p r i n c i p l e s , the T r e a s u r y has b e e n and is n o w studying
b a s i c tax p r o blems, m a n y of t h e m in close c o l l a b o r a t i o n
w i t h the
s t a f f of the Joint C o m m i t t e e on I n t e r n a l R e v e n u e
T a x a t i o n , a nd will be r e a d y to assist the C o m m i t t e e in
e v e r y w a y pos s i b l e .
I tur n n o w to some speci f i c c o m ments on H. R. 1.
In
c o n n e c t i o n w i t h our c o n s i d e r a t i o n of H. R, 1 a n d n u m e r o u s
i n q u i r i e s f o r i n f o r m a t i o n r e l a t i n g to c e r t a i n other sugg e s t i o n s f or r e d u c t i o n of the i n d i v i d u a l income tax in
1947 , the T r e a s u r y D e p a r t m e n t h a s c o m p i l e d a large amount
°A data.
I h a v e a p p e n d e d to m y statement some of the
m o r e s i g n i f i c a n t m a t e r i a l s f o r the use of the C o m m ittee.
H. R. 1 i n c l u d e s a g e n e r a l r e d u c t i o n of ind i v i d u a l
i n c o m e tax r a t e s an d a special
a d d i t i o n a l e x e m p t i o n for
t a x p a y e r s over 65 y e a r s of age.
U n d e r the rate r e d u c t i o n s .
^
t a x p a y e r s w i t h net in c o m e s b e l o w about
2 ™ 00' w o u l d h a v e
p r e s e n t income tax r e d u c e d b y a
H a t 20 percent.
F o r h i g h e r i n c o m e s the cut w o u l d b e c o m e
g r a d u a l l y smaller u n t i l It r e a c h e d 10.5 p e r c e n t above
$5,000,000.
Only a b out 1 , 1 0 0 t a x p a y e r s w o u l d g e t less
tha n a 20-percent redu c t i o n .
E x e m p t i o n s of t a x p a y e r s over
o5 y e a r s of age are r a i s e d b y $500.
1/
T h e bill w o u l d r e d u c e r e v e n u e s b y about $ 3 , 5 0 0 , 0 0 0 , 0 0 0
7 ea r.
Of the total, $ 3 , 3 0 0 , 0 0 0 , 0 0 0 ' w o u l d be a t
t r i b u t a b l e to r ate r e d u c t i o n s a nd # 179 , 000,000 to the
I n c r e a s e In e x e m p t i o n s f or t a x p a y e r s over 65*
2/
y
i h Jhe case of Joint returns, e x e m p t i o n s are i n c r e a s e d
h y $ 1,000 where b o t h h u s b a n d and w ife are over 65 a n d '
e a c h h a s $500 or m o r e g r o s s income.
1/
E s t i m a t e s of tax l i a b i l i t i e s are m a d e f o r ca l e n d a r
y e a r 1947.
'
Jr
f
- 5 ~
A s I v i e w the m a t ter, if a 19^7 tax bill h as an y
p l ace at all in the m a n a g e m e n t of our f i n a n c i a l affairs,
it s h ould be d e d i c a t e d to b r i n g i n g r e l i e f p r i m a r i l y to
t a x p a y e r s who have b o r n e e x t r a o r d i n a r i l y h e a v y b u r d e n s
d u r i n g the w a r a n d p o s t w a r t r a n s i t i o n years.
A s the
P r e s i d e n t stated in h is B u d g e t Me s s a g e , w h e n the time comes
f o r taxes to be reduced, m i l l i o n s of t a x p a y e r s w i t h small
in c o m e s will have a h i g h p r i o r i t y a m ong the c l a i m a n t s for
tax relief.
E v e n if tax r e d u c t i o n w ere n o w a p p r o p r i a t e , the m e t h o d
of r e d u c t i o n a d o p t e d in H.R. 1 w o u l d no t a p p e a r to be
equitable.
T he bill w o u l d giv e too l i ttle r e d u c t i o n to
l o w e r i n c o m e s a nd r e l a t i v e l y too m u c h to h i g h e r incomes.
T h i s can be seen b y l o o king at the e f f e c t of the p r o p o s e d
r e d u c t i o n on net i n c omes a f t e r tax a nd b y c o m p a r i n g taxes
u n d e r the bill w i t h those in e f f e c t b e f o r e the w a r t i m e
increases.
E x h i b i t 1 a n d C h art 1 show that w h i l e the tax
r e l i e f at the b o t t o m of the income scale is not s i g n i f i
cant in r e l a t i o n to tax b u r d e n s at these levels, the i n
comes left a f t e r p r e s e n t l a w taxes, b y comparison, are
d i s p r o p o r t i o n a t e l y i n c r e a s e d at the t op of the scale.
E x h i b i t s 2 a nd 3 sho w that H.R. 1 w o u l d wipe out m o s t of
the w a r t i m e i n c rease in t a xes on v e r y large, incomes.
It
w o u l d leave t a xes on o t her i n c o m e s m u c h h i g h e r t h a n b e f o r e
the war.
T o be sure in a c o m p r e h e n s i v e r e v i s i o n of the tax
system we should not be b o u n d b y the p r e w a r rates.
Such
a r e v i s i o n w o u l d a i m at e q u i t a b l e a d j u s t m e n t s , i n c e n t i v e
e f f e c t s and sound a d m i n i s t r a t i o n u n d e r p e a c e t i m e conditions.
T his w o u l d n e c e s s a r i l y e nta i l c o n s i d e r a t i o n of excise taxes,
cor p o r a t e taxes a n d d e a t h taxes as well as the i n d i v i d u a l
income tax.
Such a c o m p r e h e n s i v e r e v i s i o n c a n n o t be a c c o m
p l i s h e d in an i n t e r i m bill.
V e should g u a r d ag a i n s t a c t i o n
n o w w i t h r e s p e c t to a n y one type of tax w h i c h m i g h t m a k e it
i m p o s s i b l e later to fit that tax t o g e t h e r w i t h the o t her
taxes i nto a w e l l - b a l a n c e d p e a c e t i m e tax system'.
One f e a t u r e of H.R. 1 is a d d r e s s e d to a special
situation.
P r o v i s i o n is m a d e f or a $ 5 0 0 special tax e x e m p
t i o n f o r p e r s o n s over 65 y e a r s of age.
It is e s t i m a t e d that
this special a l l o w a n c e w o u l d g i v e r e l i e f to about 2 ,900,000
a g e d p e r s o n s of w h o m 900,000 w o u l d b e c o m e n o n t a x a b l e .
W e all r e a l i z e that the r e c e n t p r ice r i s e s h a v e I m p o s e d
h a r d s h i p s on all p e r s o n s w i t h l ow f i x e d Incomes.
T his g r o u p
i n c l u d e s p e r s o n s over 65 l i v i n g on p e n s i o n s or small a m o u n t s
of other income,
It a l s o I n c l u d e s p e r s o n s u n d e r 65 w i t h
6
f i x e d i n c o m e s . X do not b e l i e v e that it w o u l d be f a i n to
g r a n t a special i n c o m e tax e x e m p t i o n to p e r s o n s over 63
a nd not to s i m i l a r l y si t u a t e d p e r s o n s u n d e r 65 . T h e r e are
m a n y other special g r o u p s w i t h c h a r a c t e r i s t i c a l l y l o w i n
comes p r e s s i n g f o r special e xemptions.
T o g r a n t such an
e x e m p t i o n to one g r o u p w o u l d m a k e it less d e f e n s i b l e to
d e n y it to others.
I w i s h to r e peat that in m y o p i n i o n b o t h the e c o n o m i c
s i t u a t i o n a nd the size of the p u b l i c debt p o int d e f i n i t e l y
to the n e e d f or k e e p i n g p r e s e n t levels of taxation.
I
a s s u r e y o u that the A d m i n i s t r a t i o n is d e t e r m i n e d as is the
C o n g r e s s to h o l d G o v e r n m e n t e x p e n d i t u r e s f o r the fisc a l
to the lowest level c o n s i s t e n t w i t h our n a t i o n a l
o b l i g a t i o n s a nd p u b l i c needs.
1 a m c o n v i n c e d that the
e n t i r e surplus w h i c h is l i k e l y to be r e a l i z e d in 1948
s^ u l d be d e v o t e d to the r e d u c t i o n of the p u b l i c debt,
It
will be time e n o u g h to enact tax r e d u c t i o n s w h e n and if
there is d e f i n i t e e v i d e n c e that the 1948 surplus is
g r e a t e r t h a n p r u d e n c e r e q u i r e s to be a p p l i e d t o w a r d s
r e d u c t i o n of the p u b l i c debt.
Exhibits
Table of Contents
Exhibit 1
Table 1
Comparison of combined normal tax and surtax rates
Under present law and under H.R, 1
Table 2
Comparison of individual income taxes under pres
ent law and under H,R„ 1, for specified amounts
of net income: Single person w No dependents
Table 3
Comparison of individual income taxes under pres
ent law and under H,R. 1, for specified amounts
of net income; Married person - No dependents
Table k
Comparison of individual income taxes under pres
ent law and under H.R. 1 , for specified amounts
of net income: Married person — Two dependents
Exhibit 2
Comparison of amounts and effective rates of in
dividual income tax in 1939 with present lav/
and H,RC 1, for specified amounts of net incomer
Married person — No dependents
Exhibit 3
Comparison of net income after individual income
taxes in 1939 with present law and H.R. 1, for
specified amounts of net incomer Married person ■
No dependents
Chart 1
Effective Rates rf Individual Income Tax, Present
Law, H.R. 1 and 20-percent Reduction; Married
person, No dependents
Appendix
Tables A — H and Chart A
Exhibit 1
Table 1
Comparison of combined normal tax and surtax rates under
present law i j and under H. R. 1 2/
Surtax
net income
Not
Exceeding !
. exceeding
Combined normal tax ând surtax rates
Present la w
:Rates after percent
Rates after : age;. reductions
Tentative *
5-percent
: under H.R. 1
rates
reduction :
Percentage-point decrease in
rates compared with present law
20j
22
26 •
30
3^
19 .00$
20.90
zb. 70
26.50
32.30
10,000
12,000 '
l7,000
16,000
IS, 000
12,000
l7,000
16,000
lg,0Q0
20,000
3S
m
77
50
53
36.IO
Uo. 65
77. 65
% 50
50 .35
26.gg
32.6s
35.72
36.00
.70*26
7.22
6.17
g. 93
9.50
10 .07
20,000
22,000
26,000
32,000
3S ,000
77,000
22,000
26,000
32,000
36,000
77,ooo
50,ooo!
56
59
62
63
69
72
53* 20
56.05
56.90
6 1 .7 5
6 5 .55
6g. ho
72 .5 6
77*87
b l. 12
79 .7o
52.bb
57.72
10.67
1 1 .2 1
11.76
12.35
13 .II
13 .6 6
OJ ,
4,000
6,000
s, 000
10,000
0
0
0
0
2,000
7,000
6,000
6,000
.
15¿20$
i 6.72
19.76
22.SO
25*67
Continued on next page
Footnotes on next page
3.60$
k. 16
X 9b
5.70
6.Ì6
Exhibit 1
Table 1 - concluded
Comparison of combined normal tax and surtax rates under
present law i f and under H.R. 1 2/
Surtax
net income
Exceeding r
$ 5O ;000
60,000
70,000
30,000
90,000
:
:
Hot
;
exceeding ’
$
60,000
70,000
80,000
90,000
100,000
150:000
100,000
150,000
200 >000
200,000
302,396 )
302,396 and over
)
fJW*--.
-- -nDepartment
___
Treasury
Combined normal tax and surtax rates
t
Present law
after percent-*
Percentage-point decrease in
: Rates after ‘
Tentative
: to-dudt ions
“
rates compared with present law
^ 5-nercent
;
rates
ier
E.
R.
1
.
1
.
: reduction
7%
78
81
Sb
37
71*25$
7U.IO
76.95
79*80
8 2 .6 5
89
90
91
8H .5 5
85.50
86.U5 3./
57.00$
5 9 .23
6Ì .56
63.SU
6 6 .12
lU.25$
lU .82
15 .3 9
1 5 .9 6
1 6 .5 3
6 7.6U
68.UO
( 69 -16
( 77-35 w
1 6 .9 1
17.10
17*29
9 .1 ft
March 19 I47
1/ Internal Revenue Code; as amended by Revenue Act of 19^5*
2f .A bill introduced on January 3> 19^7? in the House of Representatives; 80th Cong.; 1st Sess.
3/ Subject to a maximum effective rate limitation of 85*5 percent,
d/ Subject to a maximum effective rate limitation of 7 6 .5 percent.
Exhibit 1
Table 2
Comparison of individual income- t^xes under present law i f and under H.R. 1 , 2/
for specified amounts of net income
Sing’
ï'ëlperson - îîb dependents
Het
income
before
personal
Amounts of tax
t*
i Present
:
i
law
H. E. 1
:
t
1/ i
Effective ;rate s
CTs
rH
$ . • I' 600
( SCO
'■ 57
15
U6
1,000
1,200
1,50 0
2 ,-OOC
’ 95
133
i'50
2S5
7^
106
152
22S
9.-5
ll.l
12.7
2 »500
3,000
U,,000
¿coo-
3S0
Us 5
69U
922
3QU
3SS
555
737
15.2
16^2
17*3is.u
6,000
S„00Q !
10 ,0 0 0 :
2,5 »000.
1 ,1 6 9
i,7 so
2*ÿ*7
u,270.
£0 ,0 0 0 .* . .6 ,6%
2 5 ,0 0 0 ...
9,36*2
.50,000
■ 2 5 ,13 7
75.000
U3 .V77
$
1
Present'
law
: H.R. 1
3- 2$ "
7*1.
'
93U
1 ,3 7 6
l,27S
3»%f
1 9 .5
21*5
2 3 .5
2S.5
5 ,3 16
7, *+90
'•2 0 ,110
3^.782
33.2
37.5
50.3
56.0
: Decrease compared
: wi th pre sent law
.•Effective
¿/ l Amounts : rates
k
11
.7$
iji-
20* 0$
20*0
.7 $
1^5
7*6
8 .9
1 0 .1
1 1 .U
19
27
32
57
1-.9
2 .2
2.5
,R. 9 •
20*0
20.0
20*0
20*0
2.1
2.5
2.9
3.3
1 2 .2
12.9
1 3 .9
1 S ..7
76
97
139
1S'5
3 .a;
3,*2
3,5
3*7
2D .0
* 20*0.
20.0
20,0
3.6
3.9
U.-2
K 5
1 5 .6
1 ?. 2
IS. S
’ 22.S
235
3UU
U69
S53
3,9
Uf3
U*7
' 5.7
20.0
20.0
20.0
20.0
M
5-5
6*1
s.c
1,329
1 r&72
5,027
6,695
6.7
7.5
1 0 .1
XUÀ
20*0
20,0
20.0
20*0
10 ,0
12 .0
20*2
27*6
■2.5$
1 5 .2
26.6.
3O.O
U0 .2
U6*U
$
Continued on next page
•Footnotes on next page
;
Decrease as a
;
percentage of
r Present
:
Pet income
t
tax
: after present
law
r
tax law
•:
Exhibit 1
Table 2 - concluded
Comparison of individual income taxes under present law i f and under H. R. 1, 2/
for specified amounts of net income
Single person- Uo dependents
Net
income
before
personal
exemotion
100,000
250,000
$
;
:
:
:
:
$
302,896 *4/
350,000 “
500,000
Amounts of tax
Present
law
63,5^1
191,772
037,500
278,222
:
: H .R* 1
$
:
3/ i
Present
law
3/
50*8$
6l.*4
79.5
6*1.7
3*42, *l6o
81.6
68.8
71. Ù
535,835
83*2
729,210
1,502,710
8*4.0
85*2
3 ,000,000
2 ,565,000 5f 2,276,210
85.5
*4,000,000
5 ,000,000
6 ,000,000
3 »*420,000 5/ 3 ,01+9 ,7 10
275,000 5/ 3 .S23.210
5 ,130,000 5/ *4,590,000
2 5 .5
8 5 .5
S5.5
if
2/
3/
4/
5/
jo/
1
63.55s
76*7
78. U
1,000,000
2 ,000,000
Treasury Pepartment
:
: II.R.
50,832
153,^17
190,000
226,*435
U07.S97
62*4,022
8*40,1^7
1.70U.6U7
750,000
:
;
Effective rates
6/
62.7
:
Decrease compared :
with present law :
Effective:
rates :
amount s :
$
12,709
38,355
V7.500
51,787
12.7$
15 .3-
65.^37
13*1
11.8
11.1
88,187
110 ,9 3 7
Decrease as a
percentage of
Fet income
Present
:
after present
law
:
tax law
tax
:
15.7
1*1.8
72.9
75a
201,937
10.1
75.9
76*2
76.5
76.5
288*790
370*290
' ^51.790
5*40,000
9-6
9-3
9.0
9-0
20*-0$
20*0
20*0
18*6
3#. 9$
65.9
72.6
72.1
16.0
13-2
11.8
71.0
70*0
69.*4
68.b
11.3
66* b
10.8
10.6
10*5
63.8
62.3
62.1
1*4.1
March 19*+7
Internal Revenue Code, as amended "by Revenue Act of 19*45*
A bill introduced on January 3» 19*47» in the House of Representatives, 80th Cong*, 1st Sess*
Assumes taxpayer is under 65 years of age*
Point at which 15-p©rcent reduction of present law tentative tax takes effect under H. R. 1,
Taking into account maximum effective rate limitation of 85*5 percent*
Taking into account maximum effective rate limitation of 76*5 percent.
Exhibit 1
Table 3
Comparison of individual income taxes under present law 1/ and under H.R. 1, 2/
for specified amounts of net income
Married person 3 / - No dependents
Net
income
before
personal
exemotion
:
t
:
r
:
$ 1,200
1,500
2,000
2,500
3,000
U,ooo „
5>ooo
6,000
8,000
10,000
15>000
20,000
25.000
50.000
75>000
100,000
250,000
303,396 3/
350,000
Amounts of tax
Present
law
$
38
95
190
285
:
it
\/
H.H. 1 4 /
$
30
76
152
638
10.1
11.8
12.8
836
1,262
1,7U8
3,238
1J . H
19.7
21.9
27*0
15.8
5>115
32*0
36-3
U9.6
U ji
6,39U
9,082
2 U, 7 9 5
43,092
63,128
191,31+0
237,500
277>790
2.5/o
ll.U
12.7
Afc. 7
16.O
228
589
798
2,185 '
H,gH7
3.2$
6.3
7,266
19,836
34,1+71+
50,502
153*072
190,000
226,0*19
57.5
63.1
76.5
7S.3
79-U
t
.
9.1
$
8
19
38
57
76
118
160
13-9
209
17*5
3 15
%7
21.6
25,6
29.1
809
festive
rates
Decrease as a
percen tage of
Present {Net income
law
rafter present
tax
:law tax
*7/
1.3 .
.1 * 9
20.0fo
20.0
20.0 •
•-7:
1J4
2.1
2.3
2.5
3.0
3*2
20.0
20.0
20.0
20.0
2.6
2.9
3*5
3*9
4*4
5-4
20.0
20.0
20.0
20.0
6*4
20.0
20*0
20.0
20.0
39-7
4 6 .0
i>279
1,816
4,959
8,618
50.5
61.2
62.6
12,626
38,26s
47,500
12.6
15.3
64.6
51,741
l4 .s
Continued on next page
Footnotes on next page
Decrease compared
with present law
:
,,
H.P. 1 h
r
^
' Amounts :
♦
9^5
301+
1*577
: Present
«
:
law
5.1
7 ,6
.380
1,0U5
Effective rates
7*3
9*9
11.5
15*7
3*5
3*8
4*2
.4 - 9
5.6
7*4
% k
2 0 *c
20.0
20.0
ll*4
19-7
27.0
3U.2
65*2
72.1
18,6
71*7
Exhibit 1
Table 3 " concluded
Comparison of individual income taxes under present law 1/ and under H »R. 1 , 2/
for specified amounts of net income
Married person l !
:
Met
in c ome
:
before
nersonal ;
exemption
$
500,000
750,000
1 ,000,000
2 ,000,000
$
Amounts 0f tax
Present
law
:
H-R.l 4/
t
**0 7,465
623,590
839;715
1 ,70*1,2 15
$
Q
O
O
O
O
O
O
O
O
O
O
O
O Q
O O
O O
O O
O O
O O
LCnOO
2 .565.000 6/
3 .420.000 6 /
*+,2 75 ,000-6/
5 .130.000 6/
1
Treasury Department
~ &© dependents
: Decrea.se compared
r
Effective rates
.
»
: with pre sen t law
r Present :
Effective
:
law
r H.R. 1 4 ft Amounts :
rates
3*12,07*+
535; *+49
72 8 ;82*+
1 ,502,32*+
81.5$
8 3 .2
84.0
85-2
6S.4#
7 1 .4
72*9
75.1
2,275;^2*+
3;0*+9,32*+
3 ,822,82*+
*+,590,000 l l
8 5 .5
8 5 .5
85*5
85-5
75*9
7 6 .2
7 6 .5
7 6 .5
■
$ 65,391
88;1*+1
1 1 0 ,3 9 1
20 1,8 91
2 8 9,176
370,67e
1*5 2 ,17 6
5*+o,ooo
1 3 .1 $
1 1 •8
1 1 .1
1 0 .1
9.6
9*3
9.0
9»o
|
Deere ase as a
:
perceiotage of
♦ Present : Het income
: after present
:
law
: law tax
r
tax
l6.0</o
l*+.l
13-2
1 1 »8
7° •T/°
69.7
6 9 .2
6 8 .3
1 1 .3
10 .8
10Jo
1 0 .5
6 6 .5
63.9
¿2.4
6 2 .1
March 19*+7
1/ Internal Revenue Code; as amended by Revenue Act of 19*+5*
2/ A bill introduced on January 3; 19^7; in the House of Representatives; 80 th Cong»; 1st Sess»
3./ Assumes only one spouse has income»
*+/ Assumes taxpayer is under 65 years of age.
5 / Point at which 15 -percent reduction of present law tentative tax takes effect under H.R. 1»
6/ Taking into account maxiarim-effective rate limitation of S5»5 percent»
jf/ Taking into account maximum effective rate limitation of 76*5 percent.
/
Exhibit 1
Table U
Comparison of individual income taxes •under present law 1 / and under H*,TU 1 ; 2/
for specified amoursts of net income
Married person j|/ - Tno dependents
Net
income
bef ore
•personal
exemption
$
2,500
3,000
5 ,qoo
5,000
6,000
3,000
10,000
15,000
20,000
25,000
50,000
75>000
100,000
250,000
30^,396 .5/
350,000
Amounts of tax
i
Present
lav
;
h .r * i u/
t
Effective rates
f
: Present
Ian
!
t
;
* H.R.
|
•
Decrease compared
vrith present 1m
v
1 U/, Amour ts
r
,
$
95
190
33 0
5S9
79g
1,292
$
76
152
30U
U7I
9 .5
11.3
633
13*3
1,362
1,031+
1,U90
3>639
2,911
5.390
8,522
2U,111
U2 , 3 2 3
U,712
6,gig
1 9 ,2 S9
33.353
62,301
190,U75
U9,3 Ul
152,360
190,000
225,275
237,500
276,925
3.3^
6.3
16.2
1 3 .6 ^
2* - 3
3 .0 $
7.6
3A
10,6
12.9
1U.9
19-U
3U.I
US.2
56.U
23.6
27-3
33.6
U5..1
62.3
76.-2
U9•3
61.0
73.0
62.4
79a
6U.U
29.5
$
Continued on next page
Footnotes on n ext page
19
ec ^1V6
rates
<td
•0
/0
33
76
113
1-3
1 *9
l60
2*7
3.2
233
3 72
723
1 ,1 7 &
'
l,70U
U,3 2 2
S,U65
1 2 ,U6 o
33,095
U7 , 5 0 0
51,650
2.U
3*7
U*9
Decrease as a
Percentage of
Present r Net income
la1?
: after present
tax
: lan tax
20.0<fo
20*0
20,0
20.0
20,0
20..0
20.0
20,0
11.3
20.0
20.0
20.0
20.0 .
12.5
15.2
15»6
lU.S
20.0
20.0
20.0
1 3 .7
5 *-9
6.3
9*6
tor>
;c
l.U
2.1
2-7
3-1
3 r3
U.6
6,U
6*3
10.3
1 3 .6
25*9
33*1
6U.0
71.c
70.7
Exhibit 1
Table 1+ - concluded
Comparison of individual income taxes under present law 1/ and under H.R. 1 ; ?/
for specified amounts of net income
Ivlarried person \ / - Two dependen ts
ITet
income
before
personal
exemption
$
5OO;000
750 ;000
1 ;000;000
2 ,000,000
3 ;000,000
U,000,000
5 ,000,000
6 ,000,000
Amounts of tax
:
Present
:
lav;
: H.R. l b /
î
:
:
:
:
$
1+06,600
622,725
038,050
1 ,703,350
2 ,565,000
3 ,1+20,000
b , 275>000
5 ,130,000
Treasury Department
l/
2/
3/
bf
5/
6/
XI
Eff ective rates
: Decrease compared :
Deerease as a
i
: --dth pre sent law
:
percentage of
1
♦
Present :
Present rhet income
■[
H.R.
1
bj
law
law
:
: Amounts : Effective .
:af ter present
rates
*
•
t
tax
:law tax
3Hl,300
53^ 675
728,050
1,501,550
81-31°
33 .0
83.9
85*2
63*3$
7I.3
72.3
75a
$ 65,300
33,050
110,300
201,300
13* ¥
11.7
1 1 .1
1 0 .1
2,275,050
3 ,01+8,550
3 ;822;050
b , 590,000 2 /
8S.5
75.3
7 6 .2
76 .I+
7 6 .5
239,950
371/450
U52,950
51+0,000
9*7
9*3
9*1
9.0
$
6/
6/
6/
6/
:
♦
•
jj
* 5 .5
35-5
85*3
16.170
ll+.l
I3 .2
11.3
69.9$$
6 9 .2
63.3
63.0
II.3
IO.9
10 .6
10*5
6 6 .7
61+*0
62*5
6 2 .1
March ldl+7
Internal Revenue Code; as amended by Revenue Act of 19I+5 .
A bill introduced on January 3 , I9H 7 , in the House of Representatives; 80th Cong.; 1st Sess.
Assumes only one spouse has income*
Assumes taxpayer is under 65 years of age.
Point at which 15-percent reduction of present lav; tentative tax takes effect under H.R* 1*
Taking into account maximum effective rate limitation of 35.5 percent.
Taking into account maximum effective rate limitation of 76.5 percent.
Exhibit 2
Comparison of amounts and effective rat'es of individual income tax in 1939 with
present law i f and H.R. 1, 2/ for specified amounts of net income
Married person 3/ r
Effective rates
Amounts of tax
Bet income *
:« Pt
*
before
personal
,
exemotion
$
•
=
1939 y
Present
law
$
1,200
1,5 0 0
2,000
-
3g
95
190
•
:
•
♦
H.R. 1 5/
$
30
76
152
2.5#
5*1
7 .6
3.2#
6 .3
9 .5
Pr? : r
3.2#
6*3
9*5
1 i
;
2 .5#
5*1
7 .6
.3*
1 .1
1 .6
236
1,2 6 2
1 ,71*2
3,2 32
i;9
3 .1
4 .2
6 .2
17.4
19*7
2 1 .9
2 7 .0
13.9
15*2
I7 .5
2 1 ,6
15*5
1 6 .6
17*7
2 0 .2
12 .0
12 a
13 .3
. 15*4
6 ,391*
9,022
2H-.795
p,092
5,115
7,266
19,236
314,1*71*
7.9
10 ,0
17*7
25*0
32 .0
3 6 .3
49 .6
'57.5
25*6
29*1
39*7
46.0
24.1
26,3
31*9
32*5
: 17.7
19*1
22.0
21*0
6 3 ,12 2
191,340
237,500
277,790
50,502
153*072
190,000
226,049
3 2 .5
51*3
5P 2
56.3
50.5 .
6 1 .2
62 .6
64*6
3 0 .6
2 5 .2
24*0
2 3.0
1,045
1,577
2 ,1 2 5
4,047
20,000
25,000
50,000
75,000
1 ,5 2 9
2,429
2,269
1 2 ,7 7 9
—
Continued on next page,
Footnotes on next page.
Present *
H.R. 1 ¿/
law
*
♦
9*1
9*6
10 „7
1 1 .2
116
242
415
924
32^69
122,294
• 16 ^ ,5 7 1
1 9 7 .19 *+
-
••
11.4
12,4
13*6
l4.4
6,000
2,000
10,000
15,00 0
100,000
250,000
30 3,396 6/
350,000
1939 y
9 .1
10 Â ï
11*2
12*2
222
304
47 Ì
632
$
:
*•
Percentage-point
increase in effective
; rates from' 1939
11.4
1 2 .7
14.7
l6.0 X
2
44
20
225
320
529
792
2,500
3,000
4,000
5,000
dependents
63a
7 6 .5
78 .3
79-1*
,
1 2 .0’
9*9
2.4
2 .2
Exhibit 2
concluded
Comparison of amounts and effective rates of individual income tax in 1939
with present law if and H.R. 1» 2/ for specified amounts cf net income
Married person
Net income.•
before
personal *
exemption
Amounts of tax
1 9 3 9 'Jt/.
$ 500*000
750,000
- Nc dependents
1+
8 9 .0 9 “
+
1,000,000
2,000,000
679,o>+“+
i»^9 »oi9
3,000,000
U,000,000
5,000,000
6,000,000
2 ,2 2 8 ,9 9 “
+
3,008,991+
3,788*991+
“+,578,969
j
, ■
Present
law •
H.R. 1 5/
$ 1*07,^65
623,590
.239».715
1 ,7 0 ^ , 2 1 5
$ 31+2,07“+
2,565.000 7 /
3,^20,000 11
K
215 *0 0 0
V
5,130,000 1/
Percentage-point
increase in effective
rates from ■
1939Present
H 4ÌU. 1 5/
law
Effective rates
1939 b/
6o.'8$
5 3 5 , “+“+9
7 2 8 ,8 2 “
+
1 ,5 0 2 ,3 2 “
+
6 5 .2
6 7 .9
7 2 .5
2 ,2 7 5 .8 2 “
+
3 ,0 “
+9 ,3 2 “+
3 ,8 2 2 ,821+
7^3
75,2
Î+,590,000
75*2
7 6 .3
»' Present
.
law
»
61.5$
6312
g-Wo
85*2
6s.i+^
7 1 .“+
7 2 .9
7 5 .1
20.7$
17.9
l6.1
12.-8
85*5
85# 5
85; 5
85 #5
7 5 .9
7 6 .2
7 6 .5
7 6 .5
11*2
10.3
9-7
9-2
(Treasury Department
if
Internal Hevenue Code, as amended "by Revenue Act of 19^5»
2/
3/
5/
A bill introduced on January 3, 19^7» in the House of Representatives, 80th Cong,, 1st Session.
Assumes only one spouse has income.
Assumes maximum earned net income.
5/
Assumes taxpayer is under 65 years of age.
(7/
point at which 15-percent reduction of present law tentative tax takes effect under H.R. 1.
1/
8/
Taking into account maximum effective rate limitation of 85-5 percent.
Taking into account maximum effective rate limitation of 7 6 .5 percent.
March 19^-7
7*6$
6.-2
5-0
2.7
1.6
1 .0
-7
,2
Exhibit 3
Comparison of net income after individual income taxes in 1939
with present law 1 / and K .B.♦. 1 , 2 / for specified amounts of
net income
Harried person
Net income
before
personal
exemption
$
1,200
1,5 0 0
2,000
- No dependents
:
Net income after tax
t
i
. 1939
l ...... V
$
1,200
1,500
2,000
Present
law
i
*
$
H.E. 1
5/
:
ï
1 ,1 6 2
1 ,1+05
1,810
$
1 ,1 7 0
1,424
1,848
2,500
3,000
4,000
5,000
2,500
2,992
3 .9 5 6
4,920
2 ,2 1 5
2.620
3,411
4.202
6 ,coo
g ,000
10,000
15,000
5 .SSI4
7,752
9,5^5
14,076
4,9 5 5
6,te3
7,815
10 ,9 53
5,161+
6,73S
8,252
1 1 ,7 6 2
20,000
25,000
50,000
75,000
I8,4ll
22,511
41,131
5 6 ,2 2 1
■ 13,60 7
1 5 ,9 1 s
25,205
3 1 ,90s
14,885
1 7 ,7 3 4
30,164
4o,526
100,000
250,000
303,396 6/
350,000
36 ,3 73
67,531
1 2 1 ,70b
58,660
138 ,8 25
65,896
152,806 *
72 ,2 10
Continuel on next page
Footnotes on next page
• '
2 ,2 7 2
2,696
3,529
4 ,36s
49,498
9 6 ,92s
113 ,3 9 6
123,951
Exhibit 3 ~ concluded
Comparison of net income after individual income taxes in 1939
with present law _l/ and H.R. 1 , 2/ for specified amounts of
. net income
Married person ¿/ ~ No dependents
Net income
before
personal
exemption
:
:
i
1939
: .......
500,000
750,000
1 ,000,000
2 ,000,000
$ 19 5.356
260,906
320,956
550.981
3 ,000,000
k , 000,000
5 ,000,000
6 ,000,000
7 7 1 ,00s
991,006
1 ,2 11,0 0 6
1,>421,031
Treasury Department
Net income after tax
:
t
k_
_.......
$
Present
law
92,536
126, >410
160,286
295,786
1*35,000
580,000
725,000
870,000
H.R. 1
5/
:
1
$
1/
1 /
y
2/
15 7,9 2 6
21*4,551
2 7 1 ,1 7 6
^9 7 ,6 76
72^ ,176
950,676
1 ,1 7 7 ,1 7 6
1, >410,000
March
19*47
1/ Internal Revenue Code, as amended by the Revenue Act of 19*45.
2/ A bill introduced on January 3* 19*47» in the House of Representatives, 80th
%
%
ii
Cong., 1st Sess.
Assumes only one spouse has income.
Assumes maximum earned net income.
Assumes taxpayer is under 65 years of age.
Point at which 15-percent reduction of present law tentative tax takes effect
under H.R. 1,
Taking into account maximum effective rate limitation of 8 5 .5 percent.
Taking into account maximum effective rate limitation of 7 6 .5 percent.
Chart I
EFFECTIVE RATES OF INDIVIDUAL INCOME TAX
Present Law, H.R. I and 2 0 % Reduction
Married Person, No Dependents
Office of the Secretary of the Treasury
Appendix
Table of Contents
Table A
Estimated income payments, adjusted gross income,
net income before exemptions, and net income
subject to surtax and to normal tax under present
law, in calendar year I9U7
Table B
Estimated number of taxable and nontaxable income
recipients, their income and individual income tax
liabilities under present law, in calendar year I9U7
Table C
Estimated number of taxable income recipients under
present law, their surtax net income and combined
normal tax and surtax,distributed by surtax net
income brackets, in calendar year I9H7 (see Chart A)
Table D
Estimated number of taxable income recipients under
present law, their net income before exemptions,
surtax net income and total tax liability, distrib
uted by net income classes, in calendar year 19^7
Table E
Estimated number of taxable income recipients and
their total tax liability under present law,
H.K. 1 and H,H, 1 without the special provision
for the aged, distributed by net income classes,
in calendar year 19^7
Table E
Estimated number of taxable income recipients,
their surtax net income and combined normal tax
and surtax under various exemptions, in calendar
year 19^+7
Table G-
Estimated number of taxable income recipients and
their combined normal tax and surtax under various
exemptions, distributed by net income classes, in
calendar year 19^+7
Table -H
Number of taxable individual and fiduciary returns,
tax and net income, 19 13~19^5 and estimated for
I9U6-I9U7
Chart A
Individual income tax estimates for
The first
surtax bracket accounts for
of taxable income,
and 56% of tax yield
Table A
Estimated income payments, adjusted gross income, net income
before exemptions, and net income subject to surtax and to
normal tax under present law, l / in calendar year 1947
:
:
Amount of income
(billions of dollars
Total income payments,••.•••••••••••...... .....................*•**•• $166
Subtracts
Portion of income payments not included
in adjusted gross income 2/ ♦
...... . 25
Add:
Portion of adjusted gross income not
included in income payments 2/» ...... ...... o
,77.........
Subtract: Net adjustment.... ...................
22
___........ 144
............
17
.... .
127
Exemptions................................... 58
Income subject to 50-percent alternative
tax but not to surtax (applicable to
long-term capital gains)........ ........... _1
Subtract: Portion of net income before exemp..... 5S
Subtract:
Net income subject to surtax.......... .......
Subtract:
..... •---- v
69
............
69
Partially tax-exempt interest subject to
surtax but not to normal t a x ...... .
March
Treasury Department
JL /
2/
u
illC v -L
lu e V C U U C
U U U C ^
0 .0
C *i ; i ü i i i U w U
V U 'v
-W
1947
«
Includes Government transfer payments, nontaxable pay of armed forces, inter
est and dividend payments not currently taxable, and other exclusions.
3/ Includes net capital gains and employees’ contributions to Government retire
ment and Social Security funds.
*
Less than $50 million.
Mote: Figures are rounded to the nearest billion dollars and will not necessarily
add to totals.
Table B
Estimated numoer of* taxable and nontaxable income recipients,
their income and individual income tax^liabilities under
present law, l/ in calendar year 1947
(assuming income payments of $166 billion)
•fenbér' of
>
î income
(millions of; (millions of
dollars)
c
dollars)
65,300
$^127,300 2/
Nontaxable income recipients
16,755
13,267 2/
Taxable income recipients
48,545
114,033 2/
17,001
48,545
48,545 3/
69,114 4/
69,087 5/
14,723
1,969
37
619
6/
309
Subject to surtax
Subject to normal tax
Subject to 50-percent
alternative tax
Treasury Department
l/
: Tax
• liability
î recipients
:(thousands)
Total, all income recipients
Amount of
income
$ 17,001
—
March 1 3 U7
4/
5/
Internal Revenue Code, as amended by the Revenue Act of 1945.
Net income before exemptions*
The number of persons paying normal tax is estimated to be less than
500 smaller than the number paying surtax.
Surtax net income.
Normal tax net income.
jS/
Long-term capital gains subject to the 50-percent alternative tax.
3/
Table C
Estimated, number of taxable income recipients under present law, 1/
their surtax net income and combined normal tax and surtax, dis
tributed by surtax net income brackets, in calendar year 1947
(assuming income payments of $166 billion)
Surtax
net income
brackets
(¡tooov ;
0 - 2
2 - 4
4 - 6
6-8
8-10
? Taxable income
:
Surtax net income
: recipients cumulated:
in
bracket
• froin highest bracket j
: Number: : Percent
t Amount : Pe rcent
(number of income recipients 'in thousands
millions)
48,544*6
7,317*9
1,688.9 .
1,042.1
. 723.1
100.00$
15.07
3.48
2.15
1.49
#49,603.9
6,562*1
2,508.1
1,650.3
1,199.7
71,77$
9,49
3,63 .
2,39
1,74
:
:
;
.
;
Combined normal
tax and surtax
in bracket 2/
Amount ? Percent
money amounts in
$9,424.3
1,371,4
619,5
470.3
387.5
56,46$
8,22
3,71
2.82
2.32
10
12
14
16
18
-
12
14
16
18
20
537.7
412.8
329.5
2 69 *.9
224.9
1.11
.85
.68
.56
.46
907.6
714.9
580.4
480 .4
404.0
1.31
1.03
.84
.70
.58
327.6
292.0
259.2
228,2
203.4
1.96
1.75
1,55
•1.37
1,22
20
22
26
32
38
-
22
26
32
38
44
190.2
160.6
117.6
87.1
61.4
.39
.33
#18
.13
342,6
539.4
612.8
435.6
332,4
,50
.78
,89
,63
.48
182.2
302.3
360.9
269.0
217,8
1*09
1*81
2.16
1,61
1.30
44
50
60
70
80
-
50
60
70
80
90
48.7
39.5
27.4
IS.5
15.3
.10
.08
.06
.04
.03
258,9
321.3
231.2
169.0
135.2
.37
.46
.33
.24
,20
177,1
229,0
171.3
130,0
107.9
1.06
1.37
1.03
,78
.65
11.8
9.5
4.0
2.2
*02
.02
.01
*
101.9
313,9
139,1
569.8
.15
.45
.20
.82
84.3
265.4
119.0
492.6
-.51
1.59
.,71
2,95
69,114.3
100.00
16,692.0
100r00
90 - 100
100 - 150
150 - 200
Over 200
Total
Treasury Department
March 1947
l/
2/
Internal Revenue Code, as amended by the Revenue Act of 1945,
Normal tax and surtax were obtained separately by applying the. appropriate
rates to normal tax and surtax net income* Since normal tax net income is
somewhat less than surtax net income, these amounts will differ slightly
from the result obtained by applying the combined rates to surtax net insane.
*
Less than *005 percent*
Note?
Figures are rounded and will not necessarily add to totals*
Table D
Estimated number of taxable income recipients under present law,. \ j their net
income "before exemptions, surtax net income and total tax liability, dis
tributed by net income classes, in calendar year 19^7
(assuming: income payments of $l66 billion)
Net income
classes
($000)
Taxable
income recipients
Number £ Percent
i- .
Net income
» before exempt ions
£ Amount
* Percent
£
£ Surtax net income
* Amount
Percent
:
£
Amount
Total tax
liability 2/
£
Percent
(number of income recipients in thousands r money amounts in mil lions)
0 - 1
1-2
3 -4
4-5
Under 5
5 - 10
10 - 25
25 - 50
50 - 100
100 - 250
250 - 500
500 - 1,000
1,000 and over
Over 5
Grand total
6,352-3
20,138*9
lU,322*0
4 ,6 5 5 .5
. l*333»2
46,801.8
1 3 *1?
4i-5.
29-5
9 .6
2*7
9 6 .4
1 ,12 6 .9
470/2
1 0 1 .2
32-7
9-8
1*3
.4
.2
1,742*8
2.-3
1*0
*2
.1
*
*
*
*
48,5Lh^6
100.0
3*6
"
$4 ,738.6
29,590*1
35,-257*9
1 5 ,903-5
5 ,8 9 2 .7
91,382.8
U.2l
>
25*9
30.9
-1 3 .9
5.2
80.1
$ 1,576*8
1 4 ,946.5
1 9 .39^.8
9 ,4 72 .6
3*944.0
49,334.7
7 ,628.2
6,92c.4
3 ,4 2 6 .1
2,185*6
. 1,392*7
4 5 1 .1
302.4
344.0
22,650.5
6 .7
6 .1
3*0
1.-9
1 .2
*4
*3
t3
19.9
6 ,107*0
6,328-3
3 -X7U-3
2,018.9
1,222.7
372*9
258.0
297.6
19,779.6
69,114.3
1 1 4 ,0 33.3
100.0
2*3)°
21.6
28.1
13.7
5.7
7 1 .4
299.5
2,839*6
3 ,692-3
1,827.7
. .77 5 .9
9 ,435.0
1.8?
1 6 -7
21.7
10.8
4.6
55.5
8.8
9.2
4.6
2 .9
1.8
■• *5
.4
.4
28.6
1,718.0
1,-874.4
1 ,4 3 5 .5
1,187*6
9 1 5 .2
328*9
234.5
276.2
7 ,566-3
7.8
11.0
8.4
7*0
5*4
1 .9
1.4
1*6
44*5-
100.0
17,001.3
$
Trea sury Department
March. 1QH7
«
l(
2/
100*0 ,
Internal Revenue Code, as amended by the Revenue A ct of 19^5*Includes normal tax, surtax, and 50-percent alternative tax on long-term capital gains*
Less than *05 percent.
Note** Figures are rounded and will not necessarily add to totals.
jlsï\)le E
Estimated number of taxable income recipients and their total tax liability under present law, 1/ H„R. 1 2/
and H.R, 1 without the special provision for the aged, 3/ distributed by net income classes,
in calendar year 1947
'
(assuming income payments of $l66 billion).
Number of taxable
income recipients
Pet income
classes
Present
law
.
•
1
Under
present
lav/
($000 )
0 -1
1-2
2-3
.3 - 4
■u - 5
Under
5
5-10
10 - 25
25 - 50.
50 - 100
100 - 250
250 - 500
900 - 1,000
1,000-' and over
Over 5
Grand, total
(number of income reciT
6 ,3 5 2 .3
5 .9 5 2 .3 $
2 99.5
20,13 8 .9
19,738.9 2 ,539-6
lU,322.0
lU,222,0 3 ,692 .3
4 ,6 5 5 .5
4,6 5 5 .5 1 ,827-7
1,333.2
775*9
1 r333i 2
9*435.0
46,801.8 4 5 ,90 1.8
1 ,318 .0
1 ,12 6 .9
1 ,12 6 .9
1,874.4
470.2
470.2
1 0 1 .2
1 0 1 .2
1,435.5
1 ,18 3 .6
32.7
32.7
915*2
9.6
9*6
328.9
1*3
U3
.4
.4
234.5
2 76 .2
.2
.2 1,742.8
1,742.5
7 ,566.3
48,544.6 47,644.6 17,001.3
treasury Department
Footnotes on next page.
Total tax liability 4/
Under H.R, 1 without the special ■
Under H, R. 1
,. provi sion.f or the aged .
Decrease from
:Decrease from-present law
present law
Amount
:
:
: Percent
Amount
: Amount
:
percent
Amount : distri1
i distribution
: but ion t
.ents in thousands; money amount
.239.6
6610
59*9
233-5
56g. 0
2 ,2 7 1 .6
6 1 5 .1
2.224.5
2 .953.2
73s* 5
2,905*2
'f87.1
365.3
1 .4 1 6 .6
411.1
1.462.2
155*2
4.8
1
6
7
.2
'
62
O
.7
608.7
1
,
887.0
2,04644’
7.548.0
58.6
7»
0
71*7
Q ■
263.6
1 ,054.4
'2 76 .4
i,o4i.6
>
7V4
1
.500.0
10
.9
1 ,4 9 5 .1
379.3
276.6
8.0
278.0
1
*15
8
.9
1,157-5
9 6 0 .1
22.4. 1
6 .4
223.5
959*5
748.1
1 6 7 .1
4*
8
7 4 7 .9
lb7.3
54.8
274.1
54.8
1 .6
2 7 4 .1
#0
32.2
202.3
32.2
202.3
30.7
3O
.7
19
245.5
43.0
6,iU3.T
1,422.9
4i.4
1,442.8
6 ,1 2 3 .5
100.0
1
3
,6
9
1.4
100.0
3*309.9
1 3 ,5 12 a
3 ,45 9 .2
March 1947
Table E - concluded
IroIm
Estimated number cf taxable income recipients and their total tax liability under present law, 1/
H.R* 1 2.1 and H.R. 1 without the special provision for the aged, 3/ distributed fey net
income classes, in calendar year 19^7
U
5/
Internal Revenue Code, as amended by the Revenue Act of 19^5*
A bill introduced on January 3> 19^7> in the House of Representatives, 80th Cong», 1st Sess.
Under H.R. 1, exemptions of taxpayers over 65 years of age are raised by $500» In the case of J^in
returns, exemptions are raised by $1 ,C00 where both husband and wife are over 65 and each has $500
cr more gross income*
~ %
. ^
Includes normal tax, surtax and 50-percent alternative tax on long-term capital gains.
The number of taxable income recipients under H.R. 1 without the special provision for the aged
would be the same as under present
Höbet
Figures are rounded and will net necessarily add to totals.
Table E
Estimated number of taxable income recipients, their surtax net income and combined
normal tax and surtax under various exemptions, in calendar year 19*+7
(assuming income payments of $l66 billion)
Exemptions
Single
person
: Married :Dependents
: couple :__________
Taxable income recipients :
Surtax
i
Decrease from
t
t
Dumber i
present law
•* Amount :
: Dumber ;Percent
________ i
net income
: Combined normal tax
surtax:
Decrease from
:
;
Decrease from
present law______: Amount :_____ -present law
Amount : Percent i
: Amount
: Percent
(number of income recipients in thousands; money amounts in millions)
$500
$500
$1,000
(present law i f )
ks
\
5*+*4.6
-
-
$6 9 ,1 1 *1» 3
-
9.7^
60,820.9
$8 ,293.*+
12 ,0?
1 5 ,0-6 .1
$1 ,6U5*9
-
$1 6 ,692.0
—
600
1,200
600
1-3,816.7
*+>727.9
700
1 ,1*00
700
3B,017.0
10 ,527*6
2 1 .7
5 3 .8 5 1 .7
15 »262.6
2 2 .1
13,65S»3
3,033.7
18.2
BOO
1,600
1*00 2/ 39,1-91.6
9,053*0
1 S.6
5 2 ,3 2 9 .1
1 6 ,785»2
2*+.3
13,383.2
3,308.8
19 .8
Treasury Department
rH|C\J]
/
/
Internal -Revenue Code, as amended by the Revenue Act of 19*+5*
Assuming the first dependent of a single person would qualify the single person as a head of family,
entitled to a married couple’s exemption»
March 19U7
Table
G
Estimated, number of taxable income recipients and their combined normal tax and
surtax under various exemptions, distributed by net income classes,
in calendar year 1947
(assuming income payments of $l66 billion)
Exemptions for single persons, married
; $600, $1,200, $600
(Present law ±f
Rumber of : Combined t Rumber of : Combined
: taxable
: normal
: normal
taxable
: tax and
: income
: tax,and
income
recipients : surtax : recipients : surtax
$500, $1,000, $500
Ret income
classes
($000)
couples and dependents, respectively
$700, $i,4 oo, $700
Rumber of
taxable
income
recipients
: Combined
: normal
: tax and
: surtax
$800, $1,600, $4 oo 2/
Rumber of
taxable
income
recipients
* Combined
: normal
i tax and
: surtax
(numb er of income recipients in thousands: money amounts in millions)
0-1
6 ,3 5 2 . 3
2-3
20,138.9
1 4 ,3 2 2 . 0
-4
4 ,6 5 5 .5
1-2
3
$
299.5
2,839.6
3 .6 9 2 . 3
1 ,8 2 7 * 7
775*9
1 .3 3 3 *2
4 6 ,8 0 1 . 8
9,435.0
5-10
10 - 25
1,126.9
470.2
1,318,0
1 ,8 6 4 . 5
- 50
101.2
1 ,3 6 5 .7
32*7
1,117.7
4 -5
Under 5
25
50 - loo
100- 250
250 - 500
500 - 1,000
9*8
1*3
.4
.2
8 3 5 .1
290.5
212,5
5 ,7 5 2 . 3
17,549.8
1 2 ,9 3 0 , 2
4 ,5 2 0 . 3
1 ,3 2 1 , 3
4 2 ,0 7 4 . 0
2 *3 3 2 . 5
1,126.9
1 ,2 4 4 . 3
470.2
101.2
32*7
9*8
1*3
.4
1 ,7 4 2 . 8
7,257.0
,2
-1 ,7 ^2 . 8
Grand total
4 8 ,5 4 4 . 6
Treasury Department
16,692.0
43,816.7
1,000 and over
Over 5
if
2J
253*0
$ 179.5
3,134.1
1,585,8
696.5
7 ,9 2 8 . 4
1,819.4
1 ,3 5 2 * 3
1,112.6
833.4
290*3
3.234.8
15,170.0
12,343.9
4 ,2 4 0 . 2
1 ,2 8 5 . 4
$ 105*2
36727572
6,678.6
1,126.9
470,2
101.2
32*7
9*8
1*3
.4
212.5
253*0
7 ,1 1 7 * 7
1775278
1 5 ,0 4 6 . 1
38,017,0
.2
1,923.8
2,659.6
1,368,8
621.2
1,171.6
1 ,7 7 4 . 8
1 .3 3 8 . 9
1 ,1 0 7 . 3
831.8
290.0
212.4
3 ,1 4 6 . 0
1 5 ,4 8 9 . 5
1 3 .1 7 5 . 8
4,6o 4„2
1 ,3 3 3 . 2
37774878
1,126.9
470*2
101.2
32.7
9*-8
1*3
$
46 .4
1,615.6
2 ,5 7 8 . 7
1 ,4 4 6 . 2
6 6 o* 4
6735773
1 *1 9 9 * 1
1,790.7
1 ,3 4 6 . 9
1 ,1 1 0 . 7
832.8
290*2
212*5
253.0
.4
*2
6 ,9 7 9 . 8
1 ,7 4 2 . 8
7,035.9
13,658.3
39,491.6
March 1947
Internal Revenue Code, as amended by the Revenue Act of 19^5*
Assuming the first dependent of a single person would qualify the single person as a head of family,
entitled to a married couple1s exemption,
Rote: Figures are rounded and will not necessarily add to totals.
253*0
1 3 ,38 3.2
Table H
Number of taxable individual and fiduciary returns, tax and
net income, 1913-1945 and estimated for 1946-1947
Year
*
Number of
returns
:
s
Tax
*
Net income
(in thousands of dollars)
1913
1914
1915
1916
1917
u
1/
1/
362,970
2,707,234
$ 28,254
41,046
67,944
173,387
795,381
1918
1919
1920
1921
1922
3,392,863
4,231,181
5,518,310
3,589,9%
.3,681,249
1,127,722
1,269,630
1,075,054
719,337
861,057
IQ?'}
1924
1925
1926
1927
4,270,121
4,489,6?«
2,501,166
2,473,99©
2,440,941
1928
1929
1930
1931
1932
2,523,063
2 ,458,049
2,037,645
1,525,546
1,936,095
1933
1934
1935
1936
1937
2/
2J
2/
4/
66l,666 6/
704,265
734,555
732,475
830,639
1/
1/
3/
$ 6 ,0 37,23 3
10,592,987 1/
13,392,776
17,691,620
20,228,959
13,409,635
15,043,514
17,497,383
19,468,724
17,471,219
17,422,633
18,090,065
1,164,254
1,001,938
¿inf.
4./D, 71
! e;.
246,127
329,962
21,031,634
20,493,491
13,692,584
9,297,018
7 Q1Q ^88
1,747,740
1,795,920
2,110,890
- 2,861,108
3,371,443
374,120
511,400
657,439
1,214,017
1,141,569
7,372,660
8,343,558
10,034,106
14,218,854
15,264,162
1938
1939
1940
1941
1942
3,048,545
3,959,297
7 ,504,649
17,587,471
27,718,534
765,833
928,694
1,496,403
3,907,951
8,926,712
12,671,537
*ic on q 0 / ^
23,558,030
45,902,884
67,060,862
1943
1944 prel.
1945
1946 9 /
1947 9/
40,337,293
42,446,538
42,390,679 8/
39,500,000
43,500,000
Treasury Departme nt
Footnotes on next page
14,590,018 7/
16,346,568
18,265,000 9/
16,391,000
17,001,260
98,150,1-89
2/
y
1 1 4 ,033,302
March
1947
Table fi - concluded
Number of taxable Individual and fiduciary returns, tax and
net income, 1913-1945 and estimated for 1946-1947
f
Pbotnotes
1J
Not available* The total number of taxable and nontaxable returns
filed were as follows* 1913> 357,593; 1914, 357,515; and 1915*
336,652*
2/ Receipts (including fines, penalties, additional assessments, etc.)
for the fiscal year ended June 30 immediately following, as shown
in 'annual reports of the Commissioner of Internal Revenue.
3/ Not available.
4 / Includes war excess-profits taxes of $101,249,731 on individuals
and $103,337,934 on partnerships*
3/ Tax base for taxable returns with net incomes of $2,000 and over*
There were 1,591,513 taxable returns with net incomes of $2,000
and over, for which the tax amounted to $675,249,450•
6/ Amount after the 25-pei,c@rt reduction provided by Section 1200(a),
Revenue Act of 1924*
7 / Excludes additions to liability under the Current Tax Payment Act
of 1943 amounting to $2,555,894,000*
3/ Obtained from Collectors1 Monthly Report to Commissioner of Returns
Filed*
9/ Estimated*
Source:
Data for 1916-42 from "Statistics of Income"; data for 1943
and 1944 compiled by the Bureau of Internal Revenue*
Chart A
INDIVIDUAL INCOME TAX ESTIM A TES FOR 1947
At $166 Billion Income Payments; Under Present Law
The first su rta x bracket accounts fo r
Taxable Income
7 2 % o f taxable incom e, and 5 6 %
Combined Normal Tax and Surtax Yield
— $9.4 Bil.
__ $49.6 Bit.
$69.1 Bil.__
$ 2 .8 b llllo n ,o r 17%,a ttrib
utable to individuals w ith
surtax n e t in co m e s o ver
$16.7 Bil—
$2000
$14.6 b illio n ,o r 21%,a ttrib
utable to in d iv id u a ls w ith
surtax n e t in c o m e s o v e r
$ 2,000.
i 4 4 % __ $7.3 Bil.
:28%; — .$19.5 Bil.
All
Brackets
^
Office of the Secretary of the Treasury
0$2,000
Over
$2,000
— ---------- - S u r t a x
All
Brackets
Net Income B r a c k e t s
0$2,000
Over
$2,000
_____________________ I
( A n swers to q u e s t i o n s s u b m i t t e d to the S e c r e t a r y of the
T r e a s u r y in C h a i r m a n K n u t s o n ’s l e tter of M a r c h 8 , 19^7.)
C O M M I T T E E ON W A Y S A N D M E A N S
H o u s e of R e p r e s e n t a t i v e s
W a s h i n g t o n , D. C.
M a r c h 8 , 19^ 7
D e a r Mr.
Secretary:
The C o m m i t t e e on W a y s a n d M e a n s will b e g i n h e a r i n g s
on H.R. 1, a bill to r e duce i n d i v i d u a l i n c o m e tax p a y
m e n t s , a n d will be h a p p y to h a v e y o u a p p e a r as the f i rst
w i t n e s s on Th u r s d a y ,
M a r c h 13> 19^7 at 10 A . M., In the
W a y s and M e a n s C o m m i t t e e R o o m of the N e w H o u s e Office
Building.
T h e r e are c e r t a i n q u e s t i o n s u p o n w h i c h the C o m m i t t e e
w o u l d p a r t i c u l a r l y like to h ave y o u r opinion.
I am there
fore, s u b m i t t i n g these q u e s t i o n s to y o u at this time In
o r der to a f f o r d y o u a n o p p o r t u n i t y to study t h e m p r i o r
to y o u r a p p e a r a n c e b e f o r e the C o m m ittee.
These questions
are:
1.
I n y o u r opinion, w o u l d the e n a c t m e n t of
H.R* 1 s t i mulate the f l o w of v e n t u r e capital a nd
the e f f e c t i v e f u n c t i o n i n g of the m a n a g e r i a l g r o u p
in our society, e n c o u r a g e b u s i n e s s e x p a nsion, and
c o n t r i b u t e t o w a r d s a h i g h level of e m p l o y m e n t ?
2.
C a n y o u suggest a n y a l t e r n a t i v e m e t h o d of
c h a n g i n g the i n d i v i d u a l income tax s y s t e m i n v o l v i n g
a b out the same loss of r e v e n u e which, in y o u r
opinion, w o u l d be a m o r e e f f e c t i v e m e t h o d of s t i m u
lating Investment and encouraging management
ince n t i v e ?
S p e c i fically, what is y o u r o p i n i o n as
to the value of a n i n c r e a s e in p e r s o n a l e x e m p t i o n s
f r o m the p o i n t of v i e w of these obje c t i v e s ?
3.
A r e there a n y a d m i n i s t r a t i v e rulings, T r e a s u r y
D e c i s i o n s or m i m e o g r a p h s w h i c h n o w act as d e t e r r e n t s
to i n d i v i d u a l i n i t i a t i v e or as o b s t a c l e s to b u s i n e s s
expa n s i o n ?
H o n o r a b l e J o h n W.
P age # 2
Snyder
k.
D o y o u b e l i e v e that the p r e s e n t h i g h rates
of the i n d i v i d u a l I n come t a x are d i s c o u r a g i n g the
d e v e l o p m e n t a nd c o n t i n u a n c e of small b u s i n e s s e s ,
a n d thus p r o m o t i n g m o n o p o l y ?
5.
y o u b e l i e v e that the a l l o w a n c e of an
a d d i t i o n a l $ 5 0 0 e x e m p t i o n fo r p e r s o n s of 65 y e a r s
or over Is a d e s i r a b l e s u b s titute f or p r o p o s e d
e x t e n s i o n s of the s y stem of e x c l u s i o n s n o w e n j oyed
b y some taxpayers, such as social s e c u r i t y a n n u
itants, r a i l r o a d r e t i r e m e n t a n n u i t a n t s or p e r s o n s
receiving military disability pensions?
6 * D o y o u n o t b e l i e v e that at the p r e s e n t
rate of c ollections, f e d e r a l r e c e i p t s f o r the
f i scal y e a r 19^7 will f ar e x c e e d the b u d g e t e s t i
mates?
7*
V h a t do y o u e s t i m a t e the i n d i v i d u a l income
tax l i a b i l i t y will be u n d e r the p r e s e n t l a w for
the c a l e n d a r y e a r 19^7?
H o w m u c h of a loss in
r e v e n u e do y o u e s t i m a t e will o c c u r u n d e r H.R. 1 ?
W h a t p a r t of this loss do y o u e s t i m a t e to be
a t t r i b u t a b l e to the 20$ r e d u ction, w hat par t to
the 10-|^ redu c t i o n , a nd vhat p a r t to the a d d i t i o n a l
e x e m p t i o n a l l o w e d p e r s o n s over 65?
H o w Is this loss
d i s t r i b u t e d a m ong the v a r ious n e t I n c o m e and surtax
n e t Income g r o u p s ?
I n a r r i v i n g at these esti m a t e s ,
h a s a n y c o n s i d e r a t i o n b e e n g i v e n to the p r o b a b l e
I n c r e a s e In the y i e l d of the i n c o m e t ax in this
p e r i o d due to a h i g h e r level of b u s i n e s s a c t i v i t y
r e s u l t i n g f r o m s u c h r e d u c t i o n a n d If so, h o w m u ch?
R e s p e c t f u l l y yours,
/V
HAROLD KMJTSON
H o n o r a b l e J o h n K. S n y d e r
S e c r e t a r y of the T r e a s u r y
W a s h i n g t o n , D, C.
( Q u e s t i o n s a nd a n s w e r s follow)
-
Question
Answer:
1
-
♦ In your opinion* would the enactment of H.R* 1
stimulate the flow of venture capital and the
effective functioning of the managerial group
ip our society* encourage business expansion*
and contribute towards a high level of
employment?
I do not believe so. Tax decreases would not
significantly contribute to the immediate
expansion of business and employment above
current levels, because the supplies of raw
materials* machinery and equipment and labor
available for producing new investment goods
are already being used at capacity levels.
When inflationary pressures subside, when
production and prices have adjusted to one
another it will be important to revise the
tax structure and to decrease tax rates with
a view to maintaining work* management* and
Investment incentives. I am in favor of these
things at the proper time* but if we act pre
maturely on tax cuts we could easily contri
bute to still higher prices and to economic
Instability, the greatest enemy of business
incentives and full-scale production.
2
Question
Answer:
: Can you suggest any alternative method of
changing the individual income tax system in
volving about the same loss of revenue which,
in your opinion, would be a more effective
method of stimulating investment and encouraging
management incentive? Specifically, what is
your opinion as to the value of an increase in
personal exemptions from the point of view of
these objectives?
At the present time, as I have already stated,
business is operating at capacity. If, however,
at a future date business should be operating
at less than capacity, I believe that it could
be stimulated by tax reductions, Such tax reduce
tions should be so designed as both to stimulate
business incentives and to increase mass purchas
ing power on which business prosperity ultimately
depends,
I believe, therefore, that in any
such future revision of the tax system considera
tion should be given both to decreasing tax
rates and to increasing peraonal exemptions in
a manner calculated to distribute the benefits
equitably.
~ 3 *
Question
Answer;
: Are there any administrative rulings, Treasury
Decisions or mimeographs which now act as
deterrents to individual initiative or as
obstacles to business expansion?
The Treasury Department has been and continues
to be most anxious that the administration of
our tax laws be conducted with the least pos
sible adverse impact on business# The Congress
establishes the tax laws. The administrative
task of the Department is to see that they are
fairly and properly administered, it is not
the job of the administrator either to curtail
or expand the scope of the laws beyond their
legislative purpose, and the Treasury has not
attempted to do so, X do not believe that any
policies under the control of the Department
have caused any deterrents to initiative or
business expansion.
- 4 Question 4: Do you believe that the present high rates of
the Individual income tax are discouraging the
development and continuance of small businesses*
and thus promoting monopoly'?
Answer:
Although many small businesses ceased operations
during the war* there has been a sharp increase
in the number of new firms since V - J Day. By
mid-1946, all of the wartime decrease in the
business population had been made up, and the
number of operating business firms exceeded the
prewar peak. The number of firms in operation
continued to increase in the second half of 1946.
While the number of new firms beginning business
has grown rapidly, the number of firms discon
tinuing business has been relatively small. In
view of the recent growth of new small businesses*
I do not believe that present taxes are now
discouraging the development and continuance of
small business or promoting monopoly.
Number of Operating Business Firms* All Industries
(In Thousands)
1939
1940
1941
1942
1943
1944
1945
1946
|/
2/
y
y
y
y
y
y
y
y
3 ,3 1 6 . 7
3,298.2
3 ,3 9 8 .0
3 ,1 5 5 . 7
2 ,8 6 0 .6
2 ,9 2 3 .5
3 ,1 3 4 . 1
3 ,5 0 3 .9
As of September 3Ó.
As of June 30.
Source:
Department of Commerce estimates* Survey of
Current Business, January 1947* p.~TBT---- -
Question 5:
Do you believe that the allowance of an addi
tional $500 exemption for persons of 65 years
or over is a desirable substitute for proposed
extensions of the system of exclusions now
enjoyed by some taxpayers, such as social security
annuitants, railroad retirement annuitants or
persons receiving military disability pensions?
Answerî
I am opposed to any exclusion of special groups
from the individual income tax and hence I am
opposed to proposals which would extend such
exclusions, I do not believe that the income
tax offers an appropriate means of giving relief
to special groups, I believe that the individual
income tax should apply uniformly to all groups.
-
6
-
Question 6:
Do you not believe that at the present rate of
collections, federal receipts for the fiscal
year 19^7 will far exceed the budget estimates?
Answer;
The outlook is that receipts will be higher
than previously estimated, and that we shall
succeed in our program of reducing expenditures
to an even greater extent than we had estimated
earlier. In consequence, instead of a deficit
of $2,3. billion, as estimated in the Budget
Message, I believe that we shall be able to
achieve a budgetary surplus for the fiscal year
1947. The main reason for the higher-thanestimated receipts is that national income is
running at record levels. Income payments
reached new all-time highs In both December and
January. It will be possible to obtain a much
clearer picture of the Improved budgetary
situation when the March income tax receipts
are in.
T
i
Question 7
What do you estimate the individual income tax
liability will tpp*under the present law for the
calendar year 19^7? How much of a loss in
revenue do you estimate will occur under H.R, 1?
What part of this loss do you estimate to be
attributable to "‘
the 20/Z reduction, what part to
the 10j $ reduction, and what part to the additional
exemption allowed persons over 65? How is this
loss distribute«^ among the various net income and
surtax net incomfe groups? In arriving at these
estimates, has any consideration been given to
the probable increase in the yield of the income
tax in this period due to a higher level of
business activity resulting from such reduction
and if so, how much?
Answer:
I have a table here for the record which shows
the liabilities under present law and under H.R. 1,
and the loss in revenue under H.R. 1 attributed
to (a) the 20$ reduction, (b) the 1 0 reduction,
and (c) the allowance for persons over 65.
We have carefully considered the effect on the
general level of business and incomes for the
calendar year 19^7 as a result of lowering the
individual income tax rates as contemplated in
H,R* 1.
Our economy is operating in high gear at practi
cally maximum levels of production and employment.
Under such conditions neither an increase in the
use of venture capital nor an increase in consumer
demand could have much effect in further increas
ing levels of production and employment. In
the long run and under other conditions, a tax
cut would have a stimulating effect on business
but I do not believe that this would be true in
the calendar year 19^7. This is, indeed, one of
the principal reasons why I believe that we should
concentrate now on reducing the national debt
and should reserve a general tax cut for a later
date when it'will have an immediate stimulating
effect on the economy.
We have therefore made no allowance in our estimates
for any increase in the levels of production and
incomes as a result of the lowering of the rates
as contemplated in H.R. 1.
Comparison of individual income tax liabilities under present law and under H.R. 1 and the
revenue effects of each of the provisions of H.R. 1, distributed by net income classes
at $16 5 .6 billions of income payments in the calendar* year 19^7
(in millions of dollars)
Decrease in t?îx from present !Law resulting
from e?3.ch provision of H.R, 1
Additional
Reduction of
Reduction of
exemption
tentedive nor tentative nor
of $500
mal and surtax mal and surtax
for persons
in amounts
in amounts
over
larger than
of $250,000
65 years
$250,000 by
or less by
of age
15 percent 2/
24 percent l/
Net income
class
($000)
Total
tax
liability
under
present law
Total
tax
liability
under
H.R. 1
Total
decrease
in tax
from
present law
Under 1
1 - 2
2-3
3 - u
4-5
Under 5
299.5
2,839.6
3 ,692.3
1 ,S2 7 .7
775.9
9,435.0
233-5
2,224.5
2,905.2
i,4i6.6
602,7
7 ,3 8 8 .6
66.0
6 15 .I
787.1
4n.l
1 6 7 .2
2,046.4
RQ.
Q
JZ) •J
562.6
73s. 5
3 6 5.5
1 5 5 .2
1 ,227.0
1,318.0
1,274.4
1 ^ 3 5 .5
1 ,1 2 3 .6
915.2
32S.9
23^.5
2 7 6 .2
7,566.3
l,o4d.6
1 ,4 9 5 .1
1 ,157*5
959.5
747.9
274.1
202.3
2 4 5 .5
6 ,1 2 3 .5
276.4
379.3
272.0
224.1
1 6 7 .3
54.2
22.2
3O .7
1,442.2
263.6
Ij h . k
2 76 .6
223.5
167.1
5 1 .2
20.2
8.5
1,385.7
—3.6
11.4
' 2 2 .2
37.2
1 7 ,0 0 1.3
13,512.1
3,Hsg.2
3 ,2 7 2 ,7
37.2
5
10
25
50
100
250
500
1,000
5
Total
- 1 0
- 25
- 50
- 100
- 250
- 500
- 1,000
and over
and over
i
—
-
—
—
—
■— .
*—
——
—
Note: Figures are rounded and will not necessarily add to -totals.
1J This amounts to a reduction of 20 percent from the present law final normal and surtax.
2j This amounts to a reduction of 10,5263 percent from the present lav/ fined normal and surtax.
3/ Less than $50,000,
6 .1
4 7 .1
42,6
45,6
12 .0
i59?r
1 2 ,2.
4.9
1.4
.6
.
2
¿ 1,
4
3/
m s
17 9 .3
TREASURY DEPARTMENT
W a sh in g to n
M arch 1 3 ,
19^ 7
MEMORANDUM TO THE P R E S S :
S e c r e t a r y S y n d e r , i n h i s t e s t i m o n y b e f o r e t h e H o u s e W a ys
and M eans C o m m itte e t o d a y , r e f e r r e d t o t h e f o l l o w i n g s i x t e e n
ite m s as b e in g i l l u s t r a t i v e o f th o s e t h a t a r e b e in g s tu d ie d
b y th e t e c h n i c a l t a x s t a f f s o f th e T r e a s u r y D ep artm en t:
1,
The l e v e l and s t r u c t u r e
t a x e x e m p tio n s ,
2.
A c re d it fo r
in com e t a x .
3.
The t r e a t m e n t
v i d u a l in com e
4.
T a x a tio n
lo s s e s .
5.
The tr e a t m e n t o f p e n s io n s
i n d i v i d u a l in co m e t a x . -
6.
S p e c ia l a llo w a n c e s
d u a l in com e t a x .
7.
An a l l o w a n c e f o r
fo rm s o f s a v in g s
8*
R e v isio n
9 ♦
E x te n sio n o f s o c i a l s e c u r it y co ve rag e to
e m p lo y e d and fa r m and d o m e s t ic w o r k e r s .
*
O
rH
T a x a tio n
of
of
of
earn ed
of
in co m e u n d e r
o f fa m ily
ta x .
c a p ita l
th e
in d iv id u a l
in com e u n d e r
g a in s
fo r
th e
and
in com e
in d iv id u a l
th e
treatm en t
and a n n u i t i e s
th e
aged under
in d i
of
c a p ita l
under
th e
th e
in d iv i
l i f e i n s u r a n c e prem iu m s an d o t h e r
u n d e r t h e i n d i v i d u a l in com e t a x .
stru ctu re
of
som e 5 0 e x c i s e
taxes.
th e
s e lf-
sm a ll b u s in e s s .
n .
D o u b le
12«
T a x a tio n o f c o o p e r a tiv e s
o rg a n iz a tio n s ,
13*
E lim in a tio n o f d is c r im in a t io n s as betw een v a r io u s
fo rm s o f d o in g b u s in e s s — p r o p r i e t o r s h i p s , p a r t n e r
s h i p s , c o o p e r a t i v e s , and c o r p o r a t i o n s .
*
r—1
-=t
%
—1
LA
t
16 .
ta x a tio n
T a x a tio n
o f d iv id e n d s .
o f A m e rica n
and o t h e r
c o rp o ra tio n s
D e p re c ia tio n -- p o s s i b i l i t i e s
a d d itio n a l f l e x i b i l i t y .
of
ta x -ex em p t
d o in g
b u sin e ss
a c c e le r a tio n
abroad
or
The r e v i s i o n o f n e t l o s s c a r r y b a c k and c a r r y f o r w a r d
p r o v i s i o n s and o t h e r i n c e n t i v e t a x p r o p o s a l s f o r
e n c o u r a g i n g i n v e s t m e n t an d e m p lo y m e n t.-
0O 0
WHEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
ftry figures shoving the
limitations provided
pe quota periods to
PLEASE FORWARD 8 COPIES TO ROOM li03, WILKINS
BUILDING.
Unit
l Imports as
of
ïof March 1
t t y ” î Quantity : 19^7
t
*
Looo Gallon
Cream, fresh or sour
Calendar year
1*500,000
Pish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
cusk, and rosefish
Calendar year
1 5 ,000,000
Pound
90*000,000
60*000,000
Pound
Pound
White or Irish potatoes:
certified seed
other
Sept. 15, 19H6
Calendar year
Molasses and sugar sirups
containing soluble non**
sugar solids equal to
more than 6$ of total
Calendar year
soluble solids
Silver or black foxes* furs,
and articles: Poxes
valued under $250 each
and whole furs and skins
Tails
Z2k
2,977,21*
12 months from
Cuban filler tobacco on**
stemmed or stemmed (other
than cigarette leaf tobacco)
and scrap tobacco
Calendar year
Red cedar shingles
Gallon
l,2«+5
Pound
(unstemmed
22 ,000,000 equivalent ) Quota Pilled
Undetermined
1 ,500,000
Month of
Pebruary
Canada
Other than Canada
12 months from
Dec. 1, I9I+6
Quota Pilled
23,313,032
Square
255,76s
Gallon
^7,383
7*500
Number
Number
3,981
925
5,000
Piece
17,500
Paws, heads or other
separated parts
ft
500
Pound
Piece Plates
It
550
Pound
Articles* other than
piece plates
ft
500 Unit
1
——
13
13
FOR IMMEDIATE RELEASE
March 2T, 19^7
<
^ 6
1
fir
**
The Bureau of Customs announced today preliminary figures shoving the
imports for consumption of commodities within quota limitations provided
for under trade agreements, from the beginning of the quota periods to
March 1 , 19^7» inclusive,as follows:
Commodity
:
:
Unit
:Imports as
:_____ Established Quota______ :
of
:of March 1
: Period and Country: Quantity : Quantity :
19^7
Whole Milk, fresh
or sour
Calendar year
3 ,000,000
G-allon
1 ,2^5
Cream, fresh or sour
Calendar year
1,500,000
Gallon
22^
Fish, fresh or frozen
filleted, etc», cod,
haddock, hake, pollock,
cusk, and rosefish
Calendar year
15,000,000
Pound
90.000.
60.000.
000
000
White or Irish potatoes:
certified seed
other
12 months from
Sept. 15, 19^6
Cuban filler tobacco un
stemmed or stemmed (other
than cigarette leaf tobacco)
and scrap tobacco
Calendar year
Red cedar shingles
Calendar year
Molasses and sugar sirups
containing soluble non
sugar solids equal to
more than 6$ of total
soluble solids
Calendar year
Silver or black foxes, furs,
and articles: Poxes
valued under $250 each
and whole furs and skins
Tails
Paws, heads or other
separated parts
Piece Plates
Articles, other than
piece plates
Pound
Pound
Quota Pilled
23,313,0S2
Pound
(unstemmed
22,000’,000 equivalent ) Quota Pilled
Undetermined
1,500,000
Month of
February
Canada
Other than Canada
12 months from
Dec. 1, 19^6
2,977,SIS
17,500
7,500
Square
Gallon
Number
Number
5,000
Piece
H
500
Pound
8
550
Pound
500 Unit
255»768
^7,3^3
3,921
925
1
13
IS
TREASURÏ DEPARTMENT
Washington
Press- Service
No. S-263
for immediate release
Wednesday, March 12, 1947
The Bureau of Customs announced today preliminary figures showing the imports
for consumption of commodities within quota limitations provided for under trade
agreements, from the beginning of the quota periods to March 1, 1947, inclusive,
as follows:
Commodity
s
: Unit
: Imports as
:
of
: of March 1,
Established Quota
Period and Countryr: Quantity : Quantity î
1947
Whole Milk, fresh
or sour
Calendar year
Cream, fresh or sour
Gallon
1,245
Calendar year
3,000,000
1,500,000
Gallon
224
Fish, fresh or frozen
filleted, etc., cod,
haddock, hake, pollock,
Calendar year
cusk, and rosefish
15,0.00,000
Pound
2,977,818
90,000,000
60,000,000
Pound
Pound
23,313,082
White or Irish potatoes:
certified seed
other
12
months from
Sept* 15, 1946
t
Cuban filler tobacco un
stemmed or stemmed (other
than cigarette leaf, tobacco)
and scrap, tobacco
Calendar year
Red cedar shingles
Calendar year
Molasses and sugar sirups
containing soluble non
sugar solids equal to
more than 6% of total
Calendar year
soluble solids
Silver or black foxes, furs,
and articles: Foxes
valued under $250 each
and whole furs and skins
fails
Pound
'unstemmed
,000,000 equivalent)
22
Undetermined Square
Quota Filled
Quota Filled
255,768
1,500,000
Gallon
47,383
Month of
February
Canada
17,500
Other than Canada
7,500
Number
Number
3,981
925
12
months from
Dec. 1, 1946
5,000
Piece
1
Paws, heads or other
separated parts
11
500
pound
Piece Plates
«
550
Pound
13
Articles, other than
piece plates
u
500
Unit
18
——
COTTON WASTES
(In pounds)
COTTON CAR]) STRIPS made from cotton having a staple of less than 1-3/16 inches
in length, COMBER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE! Provided, however, that
not more than 33-1/3 percent of the quotas shall he filled by cotton wastes
other than comber wastes made from cottons of 1-3/16 inches or more in staple
length in the case of the following countries! United Kingdom, France,
Netherlands, Switzerland, Belgium, Germany, and Italy!
1
Imports
Established ’ Total imports {Established*
Country of Origin : «TOTAL QUOTA * Sept. 20, 1946,j 33-l/3$ ofjSept. 20, 1946,
j
{ to March 1, 19UfTotal Quotajto Mar. 1,
1/
United Kingdom..........
Canada.......
France.......
British India..
Netherlands....
Switzerland,...
Belgium......
Japan.......
China.......
Egypt.........
Cuba..... ....
Germany........
Italy........
Totals
4,323,457
23 9,690
22 7,420
6 9, 6 2 7
6 8, 2 4 0
44,388
38,559
341, 53 5
1 7, 3 2 2
8,135
6,5 44
76,329
2 1, 2 6 3
5,482,509
1,441,152
69,757
75,807
6 9 ,6 2 7
2 2 ,7 4 7
14.796
12,853
-
\
-
i
:
|
-
i
-
6 ,31*7
-
-
-
-
•j
- ___
j
j
11*
5 ,7 3 1
i f Included in total imports, column 2.
-0O0-
-
- s
- |
- j
2 5 ,4 43
7,08 8
1,599,886
.
- j
- j
jeliminary data on imports of
ptablished by the President’s
Ithe period September 20,
m i e n this r e l e a s e h a s b e e n miiseographed,
PLEASE FOR?/ARD
8
COPIES TO ROOM 1*03, WILKINS
BUILDING.
fcs)
r or more
^
#
•
V
March i, I9li7
Egypt and the
>
t,
Anglo-Egyptian ’
Sudan............
783,816
Peru.......
’247,952
21*7,952
973,010
British India.... 2,003,483
China............ 1,370,791
Mexico...........
8,883,259
8,883,259
Brazil...........
618,723
618,723
Union of Soviet
Socialist Republies...... ......
475,124
857
Argentina..v.4 ...
5,203
5,081
Haiti ..1•• illv.
•237
Ecuador..........
9,333
—
Honduras.........
752
—
Paraguay.........
871
—
Colombia........*
124
Iraq.............
195
British 'East....
Africa...........
2,240
Net herland s *East'
—
Indies.•..*•.• •..
71,388
Barbados.........
—
Other British
—
West Indies l/...
21,321
Nigeria..........
5,377
Other British
West Africa 2/...
16,004
Other French »
Africa 3/.... ...
689
Algeria and Tunisia
—
—
Kuwait .........
T
14 ,516,882
Z
! .
2(
3/
4/
5/
~ ------x ^ x ^ u x x c x ,
« c u u a x u a ,
ess than
Il6n U
jts Sept.
-, -946, to
March 1, 19U7
*
i}
10,728,882
x*
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar.
Established Quota - 45*656,420.
Established Quota - 70,000,000.
Less than 3/4”
harsh or rough 5/
Imports Sept. 20,
1946, to March
1, I 9I47.
^ i
36,lOb,673 ‘l
9,209,31*6
m
C®,
—
.
'/
-
i5,707,5W
s
—
{
31,900
-
-
-
—
—
-
—
—
—
£01
-
—
-
—
-
237,600
1*5 ,656,1*20
i5,9U5,n*6 '
FOR IMMEDIATE RELEASE
March #t, 1947_______
-
/¥
1
-
The Bureau of Customs announced today that preliminary data on imports of
cotton and cotton waste chargeable to the quotas established by the President’s
proclamation of September 5, 1939? as amended, for the period September 20,
1946, to March 1,
194-7, are as follows:
QQTTON (other than linters)
(In pounds)
Country of
Origin
IMder 1-1/8n other
„than r ough or har sh
under 3/4”
¿Established Imports Sept.
Quota
20, 1946, to
March 1, 1947
^■r
Egypt and the
Anglo-Egyptiah '
11
Sudani........ 11.
783,816
Peru..... .....Ill
247,952
British'India.Ii1 2 9003,483
China..........1 i 1^ 370,791
Mexico..1• if *I'illl 8,883,259
Brazil...........
618,723
Union of Soviet
Socialist Repub
lics. .... Ill.....
475,124
Argentina. •7*1 III
5,203
Haiti ..4 1.1-.111.^
•237
Ecuador.
9,333
Honduras1..Ill III
752
Paraguay..^lIIIll
871
Colombia.
124
Iraq.............
195
British East
Africa...
2 ,2 4 0
N et her land s *East *
Indies...........
71,380
Barbados.........
Other British''
West Indies l/...
21>321
Nigeria.....
5,377
Other British
West Africa 2/...
16,004
Other French .
Africa 3/........
689
Algeria and Tunisia
1-1/8» or more
but less than
1- 11/ 16» U
Imports Sept.
20, 1946, to
March 1, 1947
Less than 3/4”
harsh or rough 5/
Imports Sept. 20,
1946, to March
1, 1947.
'è;
2k7,952
36,414,673
9,209,346
973,010
15>>707,£46
,883,259
618,723
857
31,900
5,081
£01
237,600
Kuwait ........
14 ,516,882
1/
2/
3/
4/
5/
10,726,882
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago,
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar.
Established Quota - 45,656,420.
Established Quota - 70,000,000.
15,945,146"
{
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Wednesday, March 12, 1947
Press Service
No. S-264
The Bureau of Customs announced today that preliminary data on imports of
cotton and cotton waste chargeable to the quotas established by the President’s
SePtember 5, 1939, as amended, for the period September 20,
1946, to March 1, 1947, are as follows:
*
COTTON (other than linters)
(in pounds)
Under 1-1/8” other
than rough or harsh
Country of
Origin
und.er 3/4"
1-1/8" or more 1
Less than 3/4"
‘
.but less than ;harsh or rou^h 5/
;1-11/16»
^
Established; Imports Sept.: Imports Sept.
: 20, 1946, to : 20, 1946, to
■
:
______
: March 1, 1947: March 1, 1947
Egypt and the
Anglo-Egyptian
Sudan............
Peru..... .....„.
British India....
China............
Mexico...........
Brazil..........
Union of Soviet
Socialist Republies........ .
Argentina.... .
Haiti...........
Ecuad o
r
,
Honduras.... .
Paraguay.........
Colombia..... .
Iraq..........
British East,
Africa...........
Netherlands East
Indies.... ......
Barbados........ *
Other British
West Indies l/...
Nigeria..........
Other British
West Africa 2/,.,
Other French
Africa 3/........
Algeria and Tunisia
Kuwait..........
783,816
247,952
2,003,483
1, 370,791
8,883,259
618,723
36,414,673
9,209, 346
15,707, 546
8,883,259
618.723
475,124
. 5,203
237
9,333
752
871
857
5,081
124
31,900
_
.
195
2,240
71,388
21, 321
,
5,377
,
16,004
A-
14,516,
1/
2/
3/
4/
5/
247,952
973,010
Imports Sept. 20,
1946, to March 1
1947
501
689
—
—
237, 600
10,72S,882
45,656,420
Other than Barbados, Bermuda, Jamaica, Trinidad, and Tobago?
Other than Gold Coast and Nigeria.
Other than Algeria, Tunisia, and Madagascar,
Established Quota - 45,656,420.
Established Quota » 70,000.000.
15,945, 146
-
2
-
COTTON WASTES
(in pounds)
COTTON CARD STRIPS made from cotton having a staple of less than 1-3/16 inches
in length, CCHEER WASTE, LAP WASTE, SLIVER WASTE, AND ROVING WASTE, WHETHER
OR NOT MANUFACTURED OR OTHERWISE ADVANCED IN VALUE: Provided, however, that
not more than 33-1/3 percent of the quotas shall be filled by cotton wastes
other than comber wastes made from cottons of 1 - 3/16 inches or more in staple
length in the case of the following countries: United Kingdom, France,
Netherlands, Switzerland, Belgium, Germany, and' Italy:
Established: Total imports
r Established :
Imports
Country of Origin'* TOTAL QUOTA: Sept, 20, 1946, : 33-1/3% of ; Sept. 20, 1946,
*
•
: to March 1, 1947: Total Quota : to Mar. 1, 1947
Unit ed K in gd om,....
Canada..............
France..............
British India,......
Netherlands.........
Switzerland.........
Belgium.............
Japan.......... .
China..... .......
Egypt........ ......
Cuba...............
Germany,..... .
11 aly...............
Totals
1/
4, 323,457
239,690
227,420
69,627
69,757
—
69,627
—
—
68,240
44,338
38,559
341, 535
17,322
8,135
6,544
76,329
21,263
-
—
6,347
-
5,482,509
145,731-
Included in total imports, column 2.
-oOo-
1,441,152
—
75,807
22,747
14,796
12,853
—
-
25,443
7,088
1 ,599,886
—
—
/
—
_
—
—
—■
«-
TiHEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
PLEASE FORWARD
8 COPIES
TO ROOM
U03,
WILKINS
BUILDING.
HJWj
OI '
Origin
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
lew Zealand
5hile
'etherlands
Argentina
Italy
/uha
Vance
reece
exi co
anama
'ruguay
*oland and Danzig
Sweden
Jugoslavia
Norway
ianary Islands
lumania
ruat emala
Jrazil
Union of Soviet
Socialist Republics
Belgium
(Bushels)'
258
795,000
:100
-
100
100
—
100
2,000
100
•1,0 00
—
100
—
—
m
—
1,0 0 0
100
100
100
100
800,000
.|
—
r
-
- ,•
.'—
—.
—
■—
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat •oroducts
Imports
:.Established
Quota
May 29, 194,6,
j to Mar« 1, 1#
(Pounds)
(Pounds)
:
:
3,815,000
24,000
13,000
13,000
8,000
75',000
1,000
5,000
5.000
1.0 0 0
1,000
1,000
14,000
2,000
12,000
1,0 0 0
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,0 0 0
*
—
—
-
—
555
oOo-
3
y figures showing the
|rawn from warehous e, for
!e President’s proclamation'
amations of April 13, 1 S ':.
29, 1946', as follows:
•
:
:Established : Imports
: Quota
:May 29, .194.6, to :
»
:March. 1* 19ii7
(Bushels)
6
5
4,000,000
1 ,081»,100
720
1,U80
:■
—
{■ -
I
'
V
.'V->
-—
•wSWfi 1,000
H H
■
J
-
*■
1 ,087,300
9 " , ¿Is
POR IMMEDIATE RELEASE,
March aar, 19li7_______
IV
The Bureau of Customs announced today preliminary figures showing the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import quotas established in the President’s proclamrt
of May 28, 1941, as modified by the President’s proclamations of April 13, 'IQh'h
and April 29, 1943, for the 12 months commencing May 29, 194$', as follows:
Wheat
1
Country
of
Origin
Established
Quota
(Bushels)
Canada
795,000
China
Hungary
. Hong Kong
Japan
United Kingdom
100
Australia
Germany
100
100
Syria
Tew Zealand
Jhile
-Tetherlands
100
Argentina
2,000
Italy
100
—
)uba
'rance
1,0 00
—
reece
exi co
100
anama
'ruguay
—
*oland and Danzig
—
Sweden
—
Iugoslavia
torway
—
—
Janary Islands
bimani a
1,0 0 0
ruat emala
,100
5ra.zil
100
Ini on of Soviet
Socialist Republics
100
Belgium
100
800,000
:
Imports
:May 29, 1946, to
:March 1. 19k 7
(Bushels)'
258
-
Wheat flour, semolina,
crushed or cracked
wheat, and similar
wheat products
.Established :
Imports
Quota
: May 29, 194,6,
• to Mar« 1 , 19k7
(Pounds)
(Pounds)
.—
»
—
3,815,000
24,000
13,000
13,000
8,000
75^000
1,000
5,000
5,000
1,0 0 0
1,000
1,000
14,000
2,000
12,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,0 00
—
—
—
'—
—
i *■*
-•
555
o0o<
4,000,000
1,08!*,100
720
1 ,1*80
/—
% -f§jHH§ -*
1.| - ■
—
1,000
-
4 fe
. - -"
.—
-
*■*
, 1,087,300
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
Press Service
No. S-265
Wednesday, March 12, 1947
The Bureau of Customs announced today preliminary figures shovdng the
quantities of wheat and wheat flour entered, or withdrawn from warehouse, for
consumption under the import qut>tas established in the President’s proclamation
of May 28, 1941, as modified by the President’s proclamations of April 13, 1942,
and April 29, 1943, for the 12 months commencing May 29, 1946, as follows:
Wheat flour, semolina^
crushed or cracked
wheat, and similar
wheat products
Wheai
Country
of
Origin
:
•
Established
Imports
Quota
:May 29,'1946, to
March 1, 1947
:
:
(Bushels)
Canada
China
Hungary
Hong Kong
Japan
United Kingdom
Australia
Germany
Syria
New Zealand
Chile
Netherlands
Argentina
Italy
Cuba
France
Greece
Mexico
Panama
Uruguay
Poland and Danzig
Sweden
Yugoslavia
Norway
Canary Islands
Rumania
Guatemala
Brazil
Union of Soviet
Socialist Republics
Belgium
795,000
(
Bushels
)
-
-
-
—
-
—
100
•
*,
(Pounds
13,000
8,000
75,000
1,000
—
-
—
100
100
—
—
-
—
—
—
-
—
1,000
—
-
—
100
—
-
—
-
—
-
—
Ti*
'
~
1,000
100
100
100
100
—
Pounds
)
1 ,084,100
720
—
1,430
_
„..
—
,..
,
1,000
1 ,
.
1 ,
—
■
5,000
1,000
1,000
1,000
14,000
2,000
12,000
1,000
000
1 ,000
000
1,000
000
1,000
1,000
1,000
1,000
1 ,
—
-
(
5,000
~
1 Q0
2,000
100
)
3,815,000
24,000
13,000
258
-
Established
Imports
:May 29 1946, to
Quota
•March 1 , 1947
■
-T-
-
-
-
WHEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
PLEASE FORWARD 8 COPIES TO ROOM li03 WILKINS
BUILDING
iminary figures showing the
quotas were prescribed by
19)47, to
March 1,
19kl,
inclusive, as follows:
Products of
Philippine Islands
Buttons
j
:
Established Quota
Quantity
8£0,000
:
Unit of :Imports as of
: Quantity slllarch 1, 19U 7
Gross
7,781
Cigars
200,000,000
Number
2,86U,796
Coconut oil
¡41*8,000,000
Pound
2,2814,839
Cordage
6,000,000
11
2814,833
Rice
1 ,0140,000
it
-
112,000,000
1,792,000,000
11
11
6,£00,000
it
Sugars, refined
unrefined
Tobacco
—
220,750
FOR IMJEDI&TE RELEASE
March
19k 7________
j
/+*
The Bureau of Customs announced today preliminary figures showing the
imports for consumption of commodities on which quotas were prescribed by
the Philippine Trade Act of 19k 6 , from January 1, 19k 7, to March 1, 19k7 >
inclusive, as follows*
Products of
Philippine Islands
Buttons
j
Established Quota
:
-- Quantify------
850,000
•
!
Unit of ;Imports as of
Quantity *March 1 , 1 9 k7
Gross
7,781
Cigars
200,000,000
Number
2,861+, 796
Coconut oil
kkS,0 0 0 ,0 0 0
Pound
2,281+,839
Cordage
6 ,0 0 0 ,0 0 0
it
281t,833
Rice
i,oko,ooo
it
-
1 1 2 ,0 0 0 ,0 0 0
1 ,7 9 2 ,0 0 0 ,0 0 0
it
Sugars, refined
unrefined
Tobacco
6,^ 00,000
it
—
it
220,750
TREASURY DEPARTMENT
Washington
F O R I M M E D I A T E RELEASE,
W e d n e s d a y , M a r c h 12. 1947.
P r ess Se r v i c e
N o ? S -266
T h e B u r e a u of C u s t o m s a n n o u n c e d t o d a y p r e l i m i n a r y
figures
showing the i m p o r t s for c o n s u m p t i o n of c o m m o d i t i e s
on w h i c h q u o t a s were p r e s c r i b e d b y the P h i l i p p i n e T r a d e A c t
of 1946, f r o m J a n u a r y 1,
19 4 7 ,
to M a r c h 1,
1947,
i n c l usive,
as follows:
Products of
: Established Quota : Unit of : Imports as
Philippine Islands :
Quantity
: Quantity : of March 1
1947
Buttons
8 5 0 ,0 0 0
Gross
7,781
Cigars
200,000,000
Number
2,864,796
Coconut oil
448,000,000
Pound
2,284,839
Cordage
6,000,000
Rice
1,040,000
Sugars, refined
unrefined
Tobacco
n
M
112,000,000
1 ,7 9 2 ,000,000
6 ,50 0 ,0 0 0
0O0
284,833
M
If
•
II
m
220,750
STANDARD F O R M NO. 64
Office JS/lemorandwm • UNITED STATES GOVERNMENT
to
:
Mr. Charles P. Shaeffer, Director of Public
Relations, through Mr. 0*Connell*s office,
raid Maxfield, Deputy Director, Office of
Contract Settlement.
Information in Regard to Appointments to
the Appeal Board of the Office of Contract
Settlement.
date
:
March 11, 1947
■
subject:
The Appeal Board of the Office of Contract Settlement was established
under the Contract Settlement Act to hear appeals from determinations of con
tracting agencies on termination claims and claims arising under Section 17 of
the Act. The Appeal Board, as required lay the Act, sits in localities through
out the country reasonably convenient for war contractors having proceedings be
fore it. It Is the policy of the Board to hear and decide cases as promptly as
possible.
To date, 192 appeals have been filed with the Board since it was es
tablished in 1944* Of these, 63 cases have been decided, 21 have been withdrawn
and 108 are pending final submission or decision.
Mr. Raymond P. Baldwin, who resigned as a full-time member of the Board
on February 28th, accepted an appointment as a part-time member on March 4? 1947.
Mr. Baldwin, a member of the Boston and Hew York Bars, was formerly Special Assist
ant to the Attorney General and Assistant General Counsel of the Foreign Economic
Administration. He is now a member of the firm of McGoldrick & Baldwin of New
York City.
Mr. Lawrence E. Hartwig, a member of the Hew York Bar, who was formerly
with the School of Law, University ©f Oregon, has accepted reappointment as a
full-time member of the Board as of torch 10, 1947. Mr. Hartwig is a graduate of
the University of Michigan Law School.
Mr. George 0. May, a Certified Public Accountant and former Senior
Partner of Price, Waterhouse & Company, who has had wide business experience and
is one of the leading authorities in accounting, also has accepted reappointment
as a part-time member of the Board.
i
2
T he A p p e a l B o a r d of the Offi c e of C o n t r a c t
m e n t was e s t a b l i s h e d u n d e r the C o n t r a c t
Settle
S e t t l e m e n t Act
to hea r a p p e a l s f r o m d é t e r m i n a t i o n s of c o n t r a c t i n g age n c i e s
,on t e r m i n a t i o n claims and claims a r i s i n g u n d e r S e c t i o n 17
of the a c t .
T he B o a r d sits in l o c a l i t i e s
the c o u n t r y c o n v e n i e n t
throughout
to war c o n t r a c t o r s h a v i n g p r o c e e d
ings b e f o r e i t .
To date,
192 a p p e a l s h a v e b e e n f i l e d w i t h the B o a r d
since it was e s t a b l i s h e d in 1944.
b e e n decided,
21
Of these cases,
h a v e b e e n withdrawn,
final s u b m i s s i o n or decision.
0O 0
and
108
63
have
are p e n d i n g
S e c r e t a r y S n y d e r t o d a y a n n o u n c e d the r e a p p o i n t m e n t
of three m e m b e r s
of the A p p e a l B o a r d of the O f f i c e of
C o n t r a c t Settlement,
the f u n c t i o n s of w h i c h w e r e t r a n s
f e r r e d to the T r e a s u r y D e p a r t m e n t b y E x e c u t i v e O r der
issued December
12,
1946.
9809 ,
T h o s e n a m e d in the a n n o u n c e m e n t
are:
R a y m o n d P . Baldwin,
B o s t o n bars,
General,
a m e m b e r of the N e w Y o r k and
f o rmer sp e c i a l a s s i s t a n t to the A t t o r n e y
and A s s i s t a n t G e n e r a l C o u n s e l of the F o r e i g n
Economic Administration.
Mr. B a l d w i n r e s i g n e d as a f u l l
time m e m b e r of the A p p e a l B o a r d on F e b r u a r y 28,
and
a c c e p t e d a p p o i n t m e n t as a p a r t - t i m e m e m b e r o n M a r c h 4th.
H e is n o w a m e m b e r of the f i r m of M c G o l d r i c k and Baldwin,
N e w Y o r k City.
L a w r e n c e E. Har t w i g ,
a m e m b e r of the N e w Y o r k bar,
f o r m e r l y w i t h the S c h o o l of Law, U n i v e r s i t y of Oregon.
Mr. H a r twig,
School,
a g r a d u a t e of the U n i v e r s i t y of M i c h i g a n L a w
has a c c e p t e d r e a p p o i n t m e n t as a f u l l - t i m e m e m b e r
of the A p p e a l Board.
G e o r g e 0. May,
a c e r t i f i e d p u b l i c a c c o u n t a n t and
f o r m e r l y a senior p a r t n e r of Price,
Mr. May,
W a t e r h o u s e an d Company.
a l e a d i n g a u t h o r i t y in a c c o u n t i n g p r a c tices,
also
has a c c e p t e d r e a p p o i n t m e n t as a p a r t - t i m e m e m b e r of the
Board.
TREASURY DEPARTMENT
Washington
F O R R E L E A S E M O R N I N G NEWSPAPERS,
Thursday, M a r c h 1 3 -, 1 9 4 7 .-
Press Service
No. S -267
S e c r e t a r y Snyder today a n n o u n c e d the re'app o i n t m e n t of '
three m e m b e r s of the A p p e a l B o a r d of the O f f i c e of Co n t r a c t
Settlement, the functions of w h i c h w ere t r a n s f e r r e d to the
T r e a s u r y D e p a r t m e n t by E x e c u t i v e Order 9809 , i s s u e d
D e c e m b e r 12, 1946..
Those n a m e d in the a n n o u n c e m e n t are:
R a y m o n d P,. Baldwin, a m e m b e r cf the N e w Y o r k and B o s t o n
bars, f o rmer special a s s istant to the A t t o r n e y General, and
A s s i s t a n t G e n e r a l C o u nsel of the F o r e i g n E c o n o m i c A d m i n i s t r a
tion.
Mr. B a l d w i n r e s i g n e d as a f u l l - t i m e m e m b e r of the
A p p e a l B o a r d on F e b r u a r y 28, and a c c e p t e d a p p o i n t m e n t as a
p a r t - t i m e m e m b e r on M a r c h 4th,
He is n o w a m e m b e r of the firm
of M c G o l d r i c k and Baldwin, N e w Y o r k City.
L a w r e n c e E, Hartwig, a m e m b e r , o f the N e w Y o r k bar, f o r m e r l y
w i t h the S c h o o l of Law, U n i v e r s i t y of Oregon.
Mr. Hartwig,
a g r a d u a t e of the U n i v e r s i t y of M i c h i g a n L a w School, has
a c c e p t e d r e a p p o i n t m e n t as a f u l l - t i m e m e m b e r of the A p p e a l
Board.
G e o r g e ' 0. May, a cer t i f i e d p u b l i c a c c o u n t a n t and f o r m e r l y
a senior p a r t n e r of Price, W a t e r h o u s e and Company.
Mr, May,
a l e a d i n g a u t h o r i t y in a c c o u n t i n g p r a c tices, also has a c c e p t e d
r e a p p o i n t m e n t as a p a r t - t i m e m e m b e r of the Board.
The A p p e a l B o a r d of the Office of C o n t r a c t S e t t l e m e n t
was e s t a b l i s h e d u n der the C o n t r a c t S e t t l e m e n t A c t to h e a r ap
peals f r o m d e t e r m i n a t i o n s of c o n t r a c t i n g a g e n c i e s on termina-*
tio n claims and claims a r i s i n g u n der S e c t i o n 17 of the act,.
The B o a r d sits i n 4localities t h r o u g h o u t the c o u n t r y c o n v e n i e n t
to war c o n t r a c t o r s h a v i n g p r o c e e d i n g s b e f o r e i t .
To date, 192 appeals have b e e n filed w i t h the Board- since
it was e s t a b l i s h e d in 1944.. . Of these cases, 63 h a v e b e e n
decided, 21 have b e e n withdrawn, and 108 are p e n d i n g final
s u b m i s s i o n or decision.
0 O0
/
' r
sold, redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. Ul8, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
Immediately after the closing hour, tenders pill be opened at the Federal
Reserve Banks and Branches, following 'which public announcement rill be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders m i l be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in rhole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for f200,000
or less from any one bidder at
accepted in full.
99.905> entered
on a fixed-price basis tall be
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
March 20. 19ii7
*55:
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts nop or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other excise taxes,
■whether Federal or State, but shall be exempt from all taxation now or here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
l\2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 115 of
the Revenue Act of 19l|l, the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS\
Friday, March llj, 1914-7_____
W
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1 ,3 0 0 ,0 0 0 ,0 0 0 3 or thereabouts, of
91
-day Treasury bills, to be issued
on a discount basis under competitive and fixed-price bidding as hereinafter
provided.
The bills of this series will be dated Ma-rph 20f
1<&7________,
and
will mature
, when the face amount will be payable withJune 19« 19k7_______,
jCXJL
out interest. They will be issued in bearer form only, and in denominations
Tenders will be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time, Monday, Ma-rph 17,
Tenders will not be received at the Treasury Department, Washington*
19k7
Each
tender must be for an even multiple of $ 1 ,000, and the price offered must be
expressed on the basis of
Fractions may not be used.
100,
with not more than three decimals, e. g.,
99.925>.
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
TREASURY DEPARTMENT
Washington
FOR.RELEASE,'MORNING NEWSPAPERS,.
F r i d a y , M a r c h , 14., I .94,7 ’ .
..
■#«..
„77.
7., .
,
Press. S e rvice
. No. S - 2 6 8 .
...The.. S e c r e t a r y .of the Treasury, by this public, notice,
invites,.: tenders for $ 1 ,300 ,000 , 000 , or t h e r eabouts, .of 9 1 -day
T r e a s u r y bills., to be issued on a d i s c o u n t b a sis u n der c o m p e
titive. and f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r p r o v i d e d . The
bills of this series w i l l be d a t e d M a r c h 20, 19^7, and w i l l .
m a t u r e J u n e . 19, 19^7, w h e n the face amount w i l l be p a y a b l e w i t h
out i n t e r e s t .. They wil l be issued in b e a r e r f o r m only, and in
d e n o m i n a t i o n s .o.f $.1 , 000, $ 5 ,000 , $ 1 0 ,000 , $ 100 ,000 , $ 500,000 and
$ 1 ,000,000 (maturity v a l u e ).
,
T e nders w i l l be r e c e i v e d at F e d e r a l R e s e r v e B a n k s a n d •
B r a n c h e s up to the c l o s i n g hour, t w o .o c l o c k p .ml. E a s t e r n
S t a n d a r d time., Monday, ■M a r c h 1 7 , 19^7... T e n d e r s w i l l .not be
r e c e i v e d at' the T r e a s u r y D e p a r tment, W a s h i n g t o n ,
E a c h tender
m u s t ' b e fdr-an-.even m u l t i p l e .of $ 1 ,000 , and the p r i c e o f f e r e d
m u s t be., e x p r e s s e d on the basis of 100 , with, no t m o r e t h a n three
d e c i m a l s >.e . g ., 99 .925 . F r a c t i o n s m a y not be u s e d . .• It is
u r g e d that tenders be m a d e on the p r i n t e d forms and f o r w a r d e d
in the special envelopes w h i c h w i l l be s u p p l i e d by F e d e r a l
R e s e r v e B a n k s or B r a n c h e s on a p p l i c a t i o n t h e r e f o r . .
T e n d e r s ,willrbe, r e c e i v e d w i t h o u t d e p o s i t f r o m i n c o r p o r a t e d
b a n k s and trust companies a n d .f r o m r e s p o n s i b l e and r e c o g n i z e d
de a l e r s In i n v e s t m e n t securities.
T e n d e r s f r o m others m u s t be
a c c o m p a n i e d b y p a y m e n t of 2 p e r c e n t of the face a m o u n t of
T r e a s u r y bills a p p l i e d for, u n less the t e n ders are a c c o m p a n i e d
by a n express g u a r a n t y of p a y m e n t by an i n c o r p o r a t e d b a n k or
trust c o m p a n y .
.
..
I m m e d i a t e l y after the cl o s i n g hour, t e n ders w i l l be o p e n e d
at the F e d e r a l R e s e r v e Banks and Branches, f o l l o w i n g w h i c h p u b l i c
a n n o u n c e m e n t w i l l be m a d e by the S e c r e t a r y of the T r e a s u r y of
the amou n t and p r i c e range of a c c e p t e d b i d s . T h o s e s u b m i t t i n g
tenders w i l l be ad v i s e d of the a c c e p t a n c e or r e j e c t i o n thereof.
The S e c r e t a r y of the T r e a s u r y e x p r e s s l y r e s e r v e s the r i g h t to
acce p t or r e j e c t any or all tenders, in w h o l e or In part, and
his a c t i o n in an y such r e s p e c t shall be final.
S u b j e c t to
t h e s e r e s e r v a t i o n s , tenders for $ 2 0 0 , 0 0 0 or less fro m any one
b i d d e r at 9 9 . 9 0 5 e n t ered on a f i x e d - p r i c e b a s i s w i l l be a c c e p t e d
in full.
Pa y m e n t of a c c e p t e d tenders at the p r i c e s o f f e r e d m u s t
be m a d e or c o m p l e t e d at the F e d e r a l R e s e r v e B a n k in c a s h or
o t h e r i m m e d i a t e l y a v a i l a b l e funds on M a r c h 20, 1 9 4 7 .
•/v
2-.
;.
The income d e r i v e d f r o m T r e a s u r y bills, w h e t h e r i n t erest
or g a i n f r o m the sale or other d i s p o s i t i o n of the bills, shall
not h a v e aiiy exemption, as such,, and loss f n o m the sale or
o t h e r - d i s p o s i t i o n of T r e a s u r y bills s h a l l n o t 'h&yefany: s p e cial
treatment, as such, u n d e r F e d e r a l tai 4 Act s -now"or h e r e a f t e r
enacted.
The b i lls shall be subject to estate, inheritance,
gift, or other .exci.se taxes, ..whether F e d e r a l or .State',: but
shall be exempt: from all t a x a t i o n n o w or h e r e a f t e r i m p o s e d on
the'/principal or interest; t h ereof b y fa n y State, or any of the
p o s s e s s i o n s .of the United" States., o'r by any local t a x i n g v
aut h o r i t y .
F o r p u r p o s e s of t a x a t i o n 'the amount of d i s c o u n t at
.which T r e a s u r y -bills are o r i g i n a l l y s o l d by the U n i t e d States
"shall be c o n s i d e r e d to be interest-.
U n d e r S e c t i o n s ^2 and 117
(a) (ij- of the I n t e r n a l R e v e n u e Code, as a m e n d e d b y S e c t i o n 115
of 'the R e v e n u e Ac t of 19^-1, the amount of d i s c o u n t at w h i c h
b i lls i s sued h e r e u n d e r are sold shall not be c o n s i d e r e d to
accr u e u n t i l s uch bills shall be sold, r e d e e m e d 'or o t h e r w i s e
d i s p o s e d of, and s u c h bills are e x c l u d e d f r o m c o n s i d e r a t i o n as
ca p i t a l a s s e t s . A c c o r d i n g l y , the owner of T r e a s u r y bills
(other..than life i n s u r a n c e companies) i s s u e d h e r e u n d e r n e e d
include, i n .his income tax r e t u r n onl y the d i f f e r e n c e b e t w e e n
the p r i c e p a i d for suc h bills, w h e t h e r on o r i g i n a l - i s s u e or
o n s u b s e q u e n t purcha.se, and the a m o u n t a c t u a l l y r e c e i v e d either
u p o n ..sale or r e d e m p t i o n at m a t u r i t y during, the taxable y e a r for
w h i c h the r e t u r n is made, as o r d i n a r y g a i n or l o s s .
T r e a s u r y D e p a r t m e n t C i r c u l a r N o . i l 8 , as amended, and this
notice, p r e s c r i b e the terms of the T r e a s u r y bills and g o v e r n
the c o n d i t i o n s of their issue.
Copies of the c i r c u l a r m a y be
o b t a i n e d f r o m any F e d e r a l R e s e r v e B a n k or Branch.
oOo
TREA&TTPY jD«» &F xp «AxPmMPfjiTi
\ x jp X & a * JL
W a sh in g to n
T iV A 'p
T £P T E * T IT A T T *
F rid a y ,
”D t?»f p h a t r i
M arch 1 ^ ,
P ress
ho.
191
S e rv ic e
G e o r g e W a s h i n g t o n U n i v e r s i t y «O i r c jfrsC^ o f ^ Q m l c r o n d e l t a
Snyder
as
K appa F r a t e r n f j^ ^ to d a y
in itia te d S ecreta ry
JTmaA4
Lab 'C lT 'C l-e . . S e c r e t a r y S n y d e r ' s
an h o n o r a r y m em ber^ -r
DDK
nam e w a s a d d e d
C o r d e ll H u ll,
Thom as L .
to
J*
C r a tc h ,
W a s h i n g t o n IJ.
a lis t
o f/h o n o ra ry
E dgar H oover,
h is
is
to
v o c a tio n ."
re co g n ize
D r.
V*
w illcli I n c l u d e s
F le m in g ,
C h o y d H.
M a rv in
A d m ira l
of
G eorge
and.- o t h e r s .
" who s h a l l h a v e
chosen
in itia te s
R obert
B yron P r i c e ,
[ p n o r a r y m e m b e rsh ip i n
a.ny man
4
a c h ie v e d
In
fr a te rn ity
h o n o ra b le
cam pus l i f e ,
¿ K e ith
U.
C irc le ,
Snyder.
en cou rage
th e
is
a u th o rize d
d is tin c tio n
f r a t e r n it y 's
fo r
in
purpose
a ch ie v e m e n t i n
endeavor,
s c h o l a r s h i p , a t h l e t i c s , s o c i a l a n d r e l i g i o u s £ ig g *, p u b l i c a t i o n s ,
A
and c u l t u r a l a c t i v i t i e s .
C i r c l e s o f »the f r a t e r n i t y a r e
e s c a, D in s u e d a t
and
th e
45 le a d in g
A dam son,
le d
th e
c o lle g e s
and u n i v e r s i t i e s .
stu d en t p r e s id e n t o f
p a rtic ip a n ts
The C i r c l e ' s
h o n o r a r y m em o er
o u tsta n d in g
in v ita tio n
c ite d
h is
th e
in itia tio n
to
th e
S ecreta ry
le a d e r s h ip ."
€
G e o rg e W a sh in g to n
in
"o u tsta n d in g
0
th e
O
se rv ic e
of
to
S ecretary
b e co m e an
and e x e m p la r y
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE R ELEA SE,
F r i d a y , M a rch 1 4 , 19*17.
S tu d en t
of
o ffic e rs
P ress S e rv ic e
N o . S-2t>9
of
O m icro n D e l t a K a p p a F r a t e r n i t y
G e o rg e W a s h in g to n U n i v e r s i t y
S ecretary
Snyder
as
w h ic h
R obert V .
F le m in g ,
D r,
in c lu d e s
in
of
Thus,
S ecreta ry
ODK h o n o r a r y
A d m i r a l Thomas L .
J . Edgar H oover,
G a tch ,
B yron P r ic e ,
C lo y d H. M a rv in o f G e o rg e W a sh in g to n U . and o t h e r s .
a n y man "w h o
h ip
is . t o
a ch ie v e m e n t
re lig io u s
C irc le s
c o lle g e s
re co g n ize
in
th e
cam pus
fra te rn ity
life ,
a th le tic s ,
are
is
a u th o rize d
h o n o ra b le
and e n c o u r a g e
p u b lic a tio n s ,
and
th e
d is tin c tio n
f r a t e r n it y 's
o u tsta n d in g
so c ia l
and
c u ltu ra l
e s ta b lis h e d
at
a c tiv itie s .
45
le a d in g
and u n i v e r s i t i e s .
stu d en t p r e s id e n t
W a s h in g to n U . C i r c l e ,
of
fra te rn ity
a c h ie v e d
In
sc h o la rsh ip ,
endeavor,
of
th e■
s h a ll have
K e i t h Adam son,
a tio n
in
chosen v o c a tio n .'
purpose
th e
a lis t
C o rd e ll H u ll,
H o n o r a r y m em b ersh ip
fo r
in itia te d
an h o n o r a r y m em ber.
S n y d e r ’ s nam e w a s a d d e d t o
in itia te s
to d ay
S ecreta ry
S ecreta ry
" o u tsta n d in g
to
le d
Snyder,
th e
of
th e
p a rtic ip a n ts
The
C ircle 's
and e x e m p la r y
0O 0
in
th e
in iti
in v ita tio n
b e c o m e a n h o n o r a r y m em ber
se rv ic e
G eorge
c ite d
le a d e rs h ip .
h is
to
WHEN THIS RELEASE HAS BEEN IHMEOGEAFIIED PLEASE SEND
8
COPIES TO ROOM 1*01, WILKINS BLDG.
7 ^ 9
j approximately
)ther than certified
30,000 pounds preIan Trade Agreement,
September ip, 191*6,
to March 8,
19l*7
s
FOR IMMEDIATE RELEASE
______
March lii,
19k7*
m
I
CL,
The Bureau of Customs announced today that approximately
30,81^*968 pounds of white or Irish potatoes, other than certified
seed, subject to the tariff-rate quota of 60,000,000 pounds pre
scribed in item 771, schedule II, of the Canadian Trade Agreement,
were entered for consumption during the period September 15>, I9I16,
to March 8, 19U7*
V
TREASURY" DEPARTMENT
W a sh in g to n
FOR IMMEDIATE RE LEA SE ,
F r i d a y , M arch 1 4 , 1 9 4 7 .
The B u r e a u o f
a p p ro x im a te ly
p o ta to es,
in
ite m
A greem en t,
p e rio d
th an
q u o ta
771,
C u stom s
announced
3 0 ,8 1 4 ,9 8 8 pounds
o th er
ta r iff-r a te
P ress S e rv ic e
No. S -2 70
S ep tem b er
o f w h ite
seed,
II,
en tered
15,
of
fo r
1946,
th e
th a t
or
su b je ct
o f 6 0 , 0 00 ,0 0 0 pounds
sc h e d u le
w ere
c e rtifie d
to d ay
Iris h
to
p re sc rib e d
C a n a d ia n T rad e
co n su m p tio n d u r in g
to
oOo
th e
M arch 8,
1947.
th e
:r-* -7 /
term.
bartzlt*
fh«re sere no aarket transactions during the south of
February, 1947, in direct and guaranteed securities of the
Government for Treasury investment and other accounts^
(ft* l o - f *
3rsSCBST8
Joseph Greenberg
Assistant Commissioner of Accounts
• ^ t ncKVHiW£^^
1u
Yd*
»15A w - u
v ah
•f e
a s5
ftvr V22X-86CUE1VBA
otuceot
tuievr ss'jwct
HNaud
TREASURY DEPARTMENT
Washington
F O R I M M E D I A T E RELEASE,
Friday, M a r c h 14, 1 9 4 f,
T h ere v e r e no m a r k e t
■
P r ess S e r v i c e
N o . S-271
t r a n s a c t i o n s d u r i n g .the
m o n t h of F e b r u a r y 19^7* -in d i r e c t a n d g u a r a n t e e d
sec u r i t i e s
of the G o v e r n m e n t
m e n t and other accounts,
today..
for T r e a s u r y i n v e s t
Secretary
Snyder a n n o u n c e d
Secretary Snyder today announced the appointment of
(
Orvis A. Schmidt to be Associate Director of Monetary
Research, and the promotion of
John
Director of Foreign Funds Control
^
S
m
si Richards
to
succeed/^*. Schmidt.
/Wisconsin, received
his education at^theUniversity of Chicago. He came to the
Treasury in 1936, joining the Division of Monetary Research.
He feas been with the Foreigjfr Funds Control since 1940,and
has been director since 1944.
(
Mr. Richards, who is from Yuma, Colorado, holds a B.A.Qegree
in economics from the University of Colorado, and an M.A.degreeaa^m
*****
from Tufts, Boston. He came to the Treasury in 1941, <aMkjoining the
Funds CQntrol, and'^ffi&d mt^fo^eputy Director of
Eund— in July last year.
-- x---
*
TREASURY DEPARTMENT
Washington
F O R I M M E D I A T E RELEASE,
Friday, M a r c h 14, 1947.
Press S e r vice
No. S-272
S e c r e t a r y S n yder t o day a n n o u n c e d the a p p o i n t
m e n t of Orvis A. Schmidt to be A s s o c i a t e D i r e c t o r
of M o n e t a r y Research, and the p r o m o t i o n of
J o h n S. R i c h a r d s to D i r e c t o r of F o r e i g n F u n d s Control,
s u c c e e d i n g Mr. Schmidt.
Mr. Schmidt, who is a n a t i v e of Shawano,
W i s c o n s i n , r e c e i v e d his e d u c a t i o n at L a w r e n c e College,
Tufts and the U n i v e r s i t y of C h i c a g o . H e came to the
T r e a s u r y in 1936, j o i ning the D i v i s i o n of M o n e t a r y
Research.
H e has b e e n w i t h the F o r e i g n F u n d s Co n t r o l
since 1940, and has b e e n d i r e c t o r since 1944.
Mr. Richards, w h o is f r o m Yuma, Colorado, holds
a B.A. d e g r e e in e c o n omics 'from the U n i v e r s i t y of
Colorado, and an M.A. d e g r e e in e c o n o m i c s f r o m
Tufts, Bo s t o n .
H e came to t h e - T r e a s u r y in 1941,
jo i n i n g the F o r e i g n F u nds Control, and has b e e n
D e p u t y D i r e c t o r of F o r e i g n F u n d s C o n t r o l since J u l y
last year.
0 O0
DIVISION OF PUBLIC RELATIONS
Routing sheet.
Title
7/%$ Ctertlficafryr
Release date
Press Service No.
No. copies
to be sent
TO
25
200
525
)
Speeches by Secretary and other
officials
)
Building Distribution
175
PUBLIC RELATIONS, Room 4418 ..............
Press Room . .
Building Distribution.
200
26
* * ^76
TREASURY DËËARTMENT
Washington
F O R RELEASE, M O R N I N G NEWSPAPERS,
W e d n e s d a y , M a r c h 19, 1947,
Press S e rvice
No. S-273
S e c r e t a r y of the .Treasury S n y d e r t o day a n n o u n c e d the
offering, t h r o u g h the F e d e r a l R e s e r v e Banks, of 7/8 p e r c e n t
T r e a s u r y C e r t i f i c a t e s of I n d e b t e d n e s s of Series D-1948, o p e n
on an e x c h a n g e basis, par for par, to h o l d e r s of T r e a s u r y
C e r t i f i c a t e s of I n d e b t e d n e s s of Series D-1947, in the a m ount
of $2, 8 1 9 , 6 9 ^ , 0 0 0 , W h i c h w i l l m a t u r e on A p r i l 1, 1 9 4 7 .
Since it is p l a n n e d to r e t i r e about $ 1 , 5 0 0 , 0 0 0 , 0 0 0 of the
m a t u r i n g certi f i c a t e s on c a s h rede m p t i o n , s u b s c r i p t i o n s w i l l
be r e c e i v e d subject to a l l o t m e n t to all h o l d e r s on an equal
p e r c e n t a g e basis, except that s u b s c r i p t i o n s in amounts up to
and i n c l u d i n g $ 2 5 , 0 0 0 w i l l be a l l o t t e d in full.
Cash s u b s c r i p
tions w i l l not be received.
The c e r t i f i c a t e s n o w o f f e r e d w i l l be d a t e d A p r i l 1, 1947,
and w i l l bear interest fro m that date at the r a t e of seveneighths of one p e r c e n t p er annum, p a y a b l e w i t h the p r i n c i p a l
at m a t u r i t y on A p r i l 1, 1948.
T h e y w i l l be i s s u e d in b e a r e r
f o r m only, in d e n o m i n a t i o n s of $ 1 ,000 , $ 5 ,000 , $ 1 0 , 000 ,
$ 100,000 and $ 1 , 000 ,000 ,
P u r s u a n t to the p r o v i s i o n s of the P u blic D e b t £ ct of 1941,
i n t erest u p o n the c e r t i f i c a t e s n o w o f f e r e d shall n ot h a v e a ny
exemption, as such, u n der F e d e r a l T a x /sets n o w or h e r e a f t e r
enacted.
The full p r o v i s i o n s r e l a t i n g to t a x a b i l i t y are set
f o r t h in thé offic i a l c i r cular r e l e a s e d today.
S u b s c r i p t i o n s w i l l be r e c e i v e d at the F e d e r a l R e s e r v e B a nks
and B r a n ches, and at the T r e a s u r y D e p a r t m e n t , W a s h i n g t o n , and
shou l d be a c c o m p a n i e d ’b y a like face a m ount of the m a t u r i n g
certificates.
The s u b s c r i p t i o n books w i l l close for the ^receipt of all
s u b s c r i p t i o n s at the close of b u s i n e s s Friday, M a r c h 21.
S u b s c r i p t i o n s a d d r e s s e d to a F e d e r a l R e s e r v e B a n k or B r a n b h
or to the T r e a s u r y D e p a rtment, and p l a c e d in the m a i l b e f o r e
m i d n i g h t M a r c h 21, wil l be c o n s i d e r e d as h a v i n g b e e n e n t e r e d
b e f o r e the close of the s u b s c r i p t i o n books,
The text of the o f f i c i a l ci r c u l a r follows:
UNITED STATES OF AMERICA
7/8 PERCENT TREASURY CERTIFICATES OF INDEBTEDNESS OF SERIES D-19U8
Dated and bearing interest from April 1, I9I4.7
19U7
Department Circular No* 802
Due April 1, 19U8
TREASURY DEPARTMENT,
Office of the Secretary,
Washington, March 19, 19U7
Fiscal Service
Bureau of the Public Debt
T
OFFERING OF CERTIFICATES
1* The Secretary of^the Treasury, pursuant to the authority of the
Second Liberty Bond Act, as amended, invites subscriptions, at par, fr$m the
people of the United States, for certificates of indebtedness of the United
States, designated 7/8 percent Treasury Certificates of Indebtedness of Series
D-19U8, in exchange for Treasury Certificates of Indebtedness of Series D-19U7,
maturing April 1, 19ii-7* Approximately $1, £00,000,000 of the maturing certifi
cates will be retired on cash redemption*
II.
DESCRIPTION OF CERTIFICATES
1* The certificates will be dated April 1, I 9I47, and will bear interest
from that date at the rate of 7/8 percent per annum, payable with the principal
at maturity on April 1, 19U8# They will not be subject to call for redemption
prior to maturity*
2* The income,derived from the certificates shall be subject to all
Federal taxes, now tr hereafter imposed. The certificates shall be subject t#
estate, inheritance, gift or other excise taxes, Yrtiether Federal or State, but
shall be exempt from all taxation now or hereafter imposed on the principal or
interest thereof by any State, or any of the possessions of the United States,
or by any local taxing authority.
3*
moneys*
The certificates will be acceptable to secure deposits of public
They will not be acceptable in payment of taxes.
U* Bearer certificates will be issued in denominations of $1,000, $£,000,
$10,000, $100,000 and $1,000,000. The certificates will not be issued in
registered form*
£. The certificates will be subject to the general regulations of the
Treasury Department, now or hereafter prescribed, governing United States cer
tificates*
III.
SUBSCRIPTION AND ALLOTMENT
1* Subscriptions will be received at the Federal Reserve Banks and
Branches and at the Treasury Department, Washington* Banking institutions
generally may submit subscriptions for account of customers, but only the
-
2
-
Federal Reserve Banks and the Treasury Department are authorized to act as
official agencies,
. 2 . The Secretary^ of the Treasury reserves the right to reject any subscrip
tion, in whole or in pait, to allot less than the amount of certificates ap—
plied for, and to close, the hooks as to any or all subscriptions at any time
without notice,* and any action he may take in these respects shall be final,
these reservations, subscriptions for amounts up to and including
<*•’25*000 will be allotted in full, and subscriptions for amounts over £>25,000
J?® allotted to all holders on an equal percentage basis, but not less
L.nan^25,000 on any one subscription. The basis of the allotment will be •
publicly announced, and allotment notices will be sent out promptly uoon allot
ment.
.
-1
IV.
PABE N T
!• Payment at par for certificates allotted hereunder must be made on or
efore^April 1 , 1917 , or on later allotment, and may be made only in Treasury
Certificates of Indebtedness of Series D-19A7* maturing April 1 , 1917,'which
will be accepted at par, and should accompany the subscription*
V.
GENERAL PROVISIONS
1. As fiscal agents of the United States, Federal Reserve Banks are
authorized and requested to receive subscriptions, to make allotments on the
basis and up to the amounts indicated by the Secretary of the Treasury to the
Federal Reserve Banks of the respective Districts, to issue allotment notices,0 ^ecei.ve^payment for certificates allotted, to make delivery of certificate-s
on full-paid subscriptions allotted, and they may issue interim receipts pendm g delivery of the definitive certificates.
2 , The Secretary of the Treasury may at any time, or from time to time,
? p SN N l SU? ? P f 5ntal or amendatory rules and regulations governing the offer
ing, which will be communicated promptly to the Federal Reserve Banks,
JOHN
SNYDER,
Secretary of the Treasury*
TREASURY DEPARTMENT
Washington
FOR REIEASE, MORNING NEWSPAPERS,
Press Service
Tuesday, larch 18, 191*7»
The Secretary of the Treasury announced last evening that the tenders for
$1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated March 20 and to mature
«June 19, 19k7, which sere offered on March lk> 19k?, were opened at the Federal Reserve
Banks on March 17*
The details of this issue are as followss
Total applied for - $1,858,761,000
Total accepted
— 1,312,975,000 (includes $21,011,000 entered on a fixed-price
basis at 99*905 and accepted in full)
Average price
- 99*905/ Equivalent rate of discount approx* 0,316$ per annua
Range of accepted competitive bids:
High
Law
- 99*90? Equivalent rate of discount approx* 0*368$ per annum
- 99.905
n
• * «
* 0.376$ «
*
(69 percent of the amount bid for at the low price was accepted)
Federal Reserve
District
Total
Applied for
Total
Accepted
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
7,270,000
l,lila,1*20,000
20,770,000
8,895,000
$
n , 505,000
920,000
267,ilt5,ooo
12,560,000
r.
•'
.
;
■ r*i'iv
TOTAL
1,695,000
29,9kl,000
6,255,000
5,22k,000
1,002,677,000
15,686,000
7,31*5,000
ll,0k0,QG0
920,000
192,590,000
9,026,000
1,695,000
23,028,000
5,759,000
50,385,000
37,985,000
11,858,761,000
$1,312,975,000
1
TREASURY DEPARTMENT
Washington
F O R RELEASE, M O R N I N G N E W S P A P E R S ,
Tuesday, M a r c h 18, 1947_________
P r e s s Service
No. S - 274
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last ev e n i n g
that the t e n ders for $ 1 , 300,000,000, or thereabouts, of 9 1 -day
T r e a s u r y b i l l s to be d a t e d M a r c h 20, a nd to m a t u r e June 19 1947,
w h i c h were o f f e r e d on M a r c h 14, 1947, wer e opened at the F e d e r a l
R e s e r v e B a n k s on M a r c h 1 7 .
T h e d e t a i l s of this issue are as follows:
T o t a l ap p l i e d f o r - $ 1 , 8 5 8 , 7 6 1 , 0 0 0
Total accepted
- 1,312,975,000
A v e r a g e p r ice
Range
High
Low
- 99.905
(includes $ 2 1 , 0 1 1 , 0 0 0 e n t e r e d
on a f i x e d - p r i c e basis at
99.905 a nd a c c e p t e d in f u ll)
Equiv, rate of d i s c o u n t approx.
0 .376$ per a n n u m
of a c c e p t e d c o m p e t i t i v e bids:
- 99.907 Equiv.
- 9 9 .905
M
rate of d i s c o u n t approx.
"
"
I
|
0.36 8 $ p er a n n u m
0 . 376$
”
(69 p e r c e n t of the amount; b id for at the l o w p r i c e was a c c e p t e d )
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St, L o u i s
Minneapolis
Kansas City
Dallas
S an F r a n c i s c o
T o tal
A p p l i e d for
$
7,270,000
1,441,420,000
20.770.000
8 ,895,000
11.505.000
29.941.000
6,255,000
50.385.000
5,224,000
1,002,677,000
15.686.000
7.345.000
11.040.000
920,000
192,590,000
9.026.000
1.695.000
23.028.000
5.759.000
37.985.000
$ 1 , 8 5 8 , 7 6 l , 000
$1,312,975,000
9 20,000
267,145,000
12.560.000
1 ,695,000
TOTAL
Total
Accepted
0O 0
$
f
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TREASURY DEPARTMENT
Washington
FOR RELEASE,
Wednesday. March 26. 194?
Press Service
No. S-275
Secretary of the Treasury Snyder today made public preliminary
statistics from corporation income tax returns and corporation ex
cess profits tax returns for 1944, filed through December 31, 1945,
prepared under the direction of Commissioner of Internal Revenue
Joseph D, Hunan, Jr* The preliminary report. Statistics of Income
for 1944, Part 2, will be released at an early ds/be.
SUMMARY DATA
The number of corporation income and declared value excessprofits tax returns for 1944, filed through December 31, 1945, is
446,80(^ of which 288,908 show net income of #27,118,055,103, while
123,563 sheer deficit of #819,260,208, and 34,329 have no income data
(inactive corporations)•
The inoome taap liability reported on these returns is #4,355,955,590
and the declared value excess-profits tax is #98,812,337* while an ex
cess profits tax liability of #10,429,779,642, after credits, is re
ported on 55,888 corporation excess prefits tax returns for the same
period« Thus the total amount of corporation income and excess profits
taxes is #14,884,547,569, representing a decrease of 7 percent as
oompared with the total for 1943« The amounts of income tan and oxcess profits tax liability do not take into account any credit claimed
for income and profits taxes paid to a foreigh country or thiited States
possession«
The 55,888 taxable corporation excess profits tax returns for 1944
show excess profits net income of #20,458,070,837« Of this number,
53,331. show adjusted excess profits net income of #12,933,184,650
while 2,557 show adjusted excess profits deficit of #6,583,515«
2
A comparison of the 1944 returns with the 1943 returns is pro
vided in the following summary:
Corporation returns« l/ 1944 and 1943s
Summary data
(Money figures in thousands of dollars)
1944
(prelimi
nary)
1943
(complete)
Increase or
decrease (-)
Number or
Per
amount
cent
Income and declared value excess-profits tax returns
Total number of income and
declared value excess-profits
tax returns„ Form 1120
Returns with net incomes 2/
Number
Net income 2/
Tax liabilitys
Income tax 3{
Declared value excessprofits tax
Excess profits tax 4^
Total
Returns with no net income: 2(
Number
Deficit 2/
Number of returns of inactive
corporations
446,800
455,894
-9,094
-2
288,908
27,118,055
283,735
28,717,966
5,173
-1,599,911
2
-6
4,355,956
4,479,166
-123,210
-3
98,812
10,429,780
154,934
11,291,483
-56,121
-861,703
-36
—8
14,684,548
15,925,582
-1,041,035
-7
123,563
819,260
136,786
898,722
-13,223
-79,461
-10
-9
34,329
35,373
-1,044
-3
Excess profits tax returns
Taxable excess profits tax
returns, Form 1121:
Number
Excess profits net income
Adjusted excess profits nex
income 6/
Exoess profits tax
For footnotes« see pp. 17-18.
' - - - - - - - - - - - - - - ! j- - - - - 55,888
20,458,071
68,202
22,306,883
-12,314
-1,848,812
-18
-8
7/12,933,185
14,552,878
See above
-1,619,693
-11
- 3 -
Allowance of the net operating loss deduction reduced the net
Income for declared value excess-profits tax computation by $147,935,784
on 34,295 returns filed for 1944, as compared with $224,952,476 on
44,583 returns filed for 1943« See note 35, page 18.
RETURNS INCLUDED
The returns Included In this
calendar year ending December 31,
the period July 1944 through June
greater portion of the accounting
release are those filed for the
1944, a fiscal year ending within
1945, and a part year with the
period in 1944.
The data are from corporation income and declared value excessprofits tax returns, Form 1120; life insurance company income tax
returns, Form 1120L; mutual insurance company income tax returns,
Form 1120M; and corporation excess profits tax returns, Form 1121,
Included for this purpose in addition to returns filed by domestic
corporations are the returns filed by foreign corporations engaged
in business within the United States, Amended returns and tentative
returns are not included. The complete report, Statistics of Income
for 1944, Part 2, will contain more detailed statistics from corpora
tion income and declared value excess-profits tax returns and from
corporation excess profits tax returns, together with data from
personal holding company returns, Form 1120H.
The statistics are compiled from the returns as filed, prior to
revisions that may be made as a result of audit by the Bureau of
Internal Revenue and prior to changes which may result from carry
backs, relief granted under section 722 of the Internal Revenue Code,
recomputation of amortization of emergency facilities, or from the
renegotiation of war contracts, after the returns were filed.
Changes resulting from the renegotiation of war contracts are recorded
as settlements are reached, however, and the effect of renegotiation
settlements reached to date with respect to the tax year 1944 will be
shown in a special tabulation to be included in the complete report,
Statistics of Income for 1944, Part 2.
CHANGES IN LAW AFFECTING CORPORATION RETURNS
The comparability of the figures tabulated from the 1944 returns
with those from the 1943 returns is affected by the changes in law
introduced by the Revenue Act of 1943, Returns for the calendar year
1944 and. fiscal years ending in the period January through June 1945
are filed under the provisions of the Internal Revenue Code as amended
by the Revenue Act of 1943, The amendments contained in this act
apply also to the 1944 portion of the accounting period, in the case
of returns for fiscal years beginning in 1943 and ending in 1944. The
most significant changes are as follows:
- 4 Income and. Declared Value Excess-profit« Tax Returns, Form 1120
(1) The amount of income subject to excess profits tax which is
a credit against net income in arriving at normal-tax net income and
surtax net income is decreased by $5,OCX)* This is the result of a
change in the excess profits tax law which provides an increase in
the specific exemption from $5,000 to $10,000 for purposes of de
termining adjusted excess profits net income*
(2) Corporations filing returns for taxable years beginning in
1943 and ending in 1944 are required to compute two tentative taxes,
one undetf the 1942 Act, the other under the 1943 Act, and prorate
each on the basis of the number of days before January 1, 1944, and
the number after December 31, 1943, respectively* The prorated
portions of the two tentative taxes are then combined to determine
the actual liability, which is the amount tabulated in this release*
Amounts tabulated from these returns for all items other than the
tax liability are the amounts used in computing the tentative tax
for 1944 under provisions of the Revenue Act of 1943*
Excess Profits Tax Returns» Form 1121
(1) The excess profits tax rate is increased from 90 to 95 percent
of adjusted excess profits net income*
(2) The specific exemption allowed a corporation, or an.
affiliated group of corporations filing a consolidated return, in
determining adjusted excess profits net income is increased from
$5,000 to $10,000* Exemption from filing an excess profits tax
return is accordingly extended to cover corporations with excess
profits net income up to $10,000, as against the $5,000 limitation
previously in effect*
(3) The percentage of invested capital allowed as a credit
under the invested capital method is reduced as follows:
Invested capital
Percentage allowed as a credit
under the Revenue Act of —
1943
First $5,000,000
Next
5,000,000
Next 190,000,000
Over 200,000,000
8
6
5
5
1942
8
7
6
5
- 5 -
(4) The limitation on post-war credit is amended to give effect
to the increase in excess profits tax rate from 90 to 95 percent,
and speoial rules are provided for the computation of post-war
refunds on fiscal year returns*
(5) Corporations with taxable years beginning in 1943 and ending
in 1944 are required to compute two tentative taxes and prorate
each in a manner similar to that described above for income tax.
As in the case of the income tax returns, the liability tabulated
in this release is the actual liability, i.e.,the amount obtained
by combining the prorated portions of the two tentative taxes.
Al}.items other than the tax liability are tabulated in the amounts
vdetermined under the provisions of the 1943 Act.
CONSOLIDATED RETURNS OF AFFILIATED CORPORATIONS (FORM 1120)
For 1944 the number of consolidated returns for income tax purposes
is 1,300, of which 1,009 show net income amounting to $3,047,525,612,
while 289 show deficit of $51,725,066, and 2 have no income data
(inactive corporations). The number of consolidated returns filed
is only 0.3 percent of all corporation returns. However, the net
income reported in consolidated returns is 11.2 percent of the net
income of all returns showing net income, and the income tax re
ported therein, amounting
$630,110,706, is 14.5 percent of the
income tax for all corporations.
The privilege of filing a consolidated return for income tax
purposes (Form 1120) is granted to affiliated domestic“ corporations
in general upon the condition that the affiliated group make also
a consolidated excess profits tax return for the taxable year.
To qualify as an affiliated group, the member corporations must
meet certain requirements in respect to their connection through
stock ownership with a common parent corporation.
Data from the consolidated returns are shown as a separate
tabulation in table 1-A, pages 10-11, and are combined with data from
in. * fftu^nS in the tabul&*i°as presented elsewhere in this release.
The following summary shows, by industrial divisions, the number of
consolidated returns (Form 1120) and the number of subsidiaries
included therein for both the years 1944 and 1943.
-6
-
Consolidated corporation returns, 1944 and 1943, by industrial
divisions, showing number of consolidated returns and number
of subsidiaries
Industrial divisions 8/
All industrial divisions
Mining and quarrying
M&nufacturing
Public utilities
Trade
Service
Finance, insurance, real estate#
and lessors of real property
Construction
Agriculture, forestry, and fishery
Nature of business not allocable
Number of
consolidated
returns 9/
1943
1944
Number of
subsidi
aries 10 /
1944
1943
1,300
68
413
200
215
79
1,286
56
414
200
206
90
5,781
260
1,812
1,434
609
240
6,165
285
1,973
1,546
570
312
271
40
13
1
253
47
15
5
1,296
88
41
1
1,332
91
50
6
For footnotes, see pp. 17-18«
INDUSTRIAL GROUPS
The distribution of the corporation income and declared value
excess-profits tax returns for 1944 by major industrial groups for
returns with net income and returns with no net income is shown in
tables 1, 1-A, and 2, pages 8 - 1 3 , of this release« Tables 1 and
2 include all returns, while table 1-A includes only consolidated
returns•
The industrial classification is based on the business activity
reported on the return« When multiple businesses are reported on
a return, the classification is determined by the business activity
which accounts for the largest percentage of total receipts* There
fore, the industrial groups do not reflect pure industry classifica
tions* It is important to note that the industrial classification
of a consolidated return is based on the predominant business of the
affiliated corporations for which the consolidated return is filed«
If it were possible to segregate the income of the subsidiary or
affiliated concerns, the data for suoh concerns might fall in indus
trial divisions other than the ones in which they are here included«
- 7 -
.,
analyzing the data compiled from returns classified under
n o L Î T t h L 5??*9
Insuranoe carriers, agents, eto.," it should be
i”sur‘T ®
...
le
.
oomPani9s are required to include only
* diTi<*8nds, and rents in gross income.
Beginning 1942.
are allowed a "reserve and other policy
^ L x I m n t i ®9ual to a flat proportion of investment income
ï PÎ ,
int9rest« This credit, which is deducted after
inc^
S+=v.“9+v,ino?m® ftnd is reported only on returns witiTSST
plao® °f the deduotions for reserve earnings,
f îincome*
’ &nd intere8t Paid* "hioh fo" “ rly were alli e d
mf computing net
tv,a .f°r 19f4
the°radit rati0
is *926d and for normal tax purposes
is $ 9 1 1 ^ 1 ^ 4 2 ^ 0^
f / i c o Î T » and other P d i c y liabilitycredit
la $991,536,426 of which $990,865,626 is reported on returns with
n o n ^ f » “?98**’ 49 “ °ffSet t0 this oredit* adjustment for certain
of ^ i f h ^ T / r 9™
iS r®P°rted in total amount of $6,046,357
Ie
baaa1« ^
r9p°rted on returns with balance sheets.
f adjustment, which is made in order to include in the tax
^ l v to l i ? - T
r60eiTad on a °“ - W f e insurance reserves, applies
contrfct^otia“0^ 00”^ 19! deriTing a portion of their income
lable°health*and^aocident
a“
i9S' ~
“
al‘
HISTORICAL SUMMARY
in t a b l f f 0^ ' 91 1Sr marM 0r 9aCV f th9 years 1935-1544 is presented
Year neriod
comParing the data throughout the tention ^espeoiallv
Ranges in law must be taken into considera“¿
r
j
discontinuance for 1934-1941 of the privilege
fiiing consolidated returns for income tax purposes (except bv
S
and in 19 4 0
iqai
restoratî!n of t J !
%
v
«
f1
f related holding or leasing.companies
f'eri0an trade Corporations) and the
for 1936 ^ d L Î
PrdT
G9 besimiinS 1942. *nd (2) the provision
and subsequent years requiring the dividends received from
domestic corporations subject to tax to be included in net i n c o m ^
Tabled. - Corporation income and declared value excees-profits tax returns,
1944, by major Industrial groups, for returns with net incane and returns with no net income: Number of returns, total compiled
receipts, not income or deficit, and dividends paid in cash and assets other than own stock; also, for returns with net income: Total tax, income tax, declared value excess-profits tax, excess profits
tax, and adjusted excess profits net income
Uajor industrial groups ¡ } /
1
2
5
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
51
52
33
34
35
36
37
58
39
40
41
42
43
44
45
46
47
48
49
50
51
52
55
54
55
All industrial groups
Mining and quarrying
Metal mining
Anthracite mining
Bituminous coal, lignite, peat, etc.
Crude petroleum and natural gas production
Normetallic mining and quarrying
Mining and quarrying not allocable
Manufacturing
Food and kindred products
Beverages
Tobacco manufactures
Cotton manufactures
Textile~ad.ll products, except cotton
Apparel and products made from fabrics
Leather and products
Rubber products
Lumber and timber basic products
Furniture and finished lumber products
Paper and allied products
Printing and publishing Industries
Chemicals and allied products
Petroleum and coal products
Stone, clay, and glass products
Iron, steel, and products
Nonferrous metals and their products
Electrical machinery and equipment
Machinery, except transportation
equipment and electrical
Automobiles and equipment, except
electrical
Transportation equipment, except
automobiles
Other manufacturing
Manufacturing not allocable
Public utilities
Transportation
Communication
Other public utilities
Trade
HVholesale
Commission merchants
Other wholesalers
Retail
General merchandise
Food stores, including market milk
dealers
Package liquor stares
Drug stores
Apparel and accessories
Furniture and house furnishings
Eating and drinking places
Automotive dealers
Filling stations
Hardware
Building materials, fuel, and ice
Other retail trade
Retail trade not allocable
Trade not allocable
For footnote«^ see pp. 17 - 18
Total
number
Number
of
returns 9/ of
446,800 288,908
5,796
9,540
222
1,665
79
151
1,755
952
3,802
1,894
1,436
650
731
19
79,345 61,042
6,957
9,099
2,772
2,189
215
170
816744
3,468
3,028
7,346
6,157
1,983
1,698
572
452
2,468
1,645
3,841
2,965
2,096
1,860
7,904
10,278
6,298
4,409
481
332
1,722
2,794
5,171
6,590
2,267
1,779
1,782
1,590
6,062
4,721
576
1,2 0 1
461
860
Total
compiled
(Konev fleures in thousands of dollars)
Returns with net incane 2 /
Taxes
Declared
value excess- Excess
Adjusted ex
profits
Total
Income profits
Net
cess profits
tax 4/
tax 3/ tax
income 2/ net Inca"« 12/ tax
242,811,302 27,118,055
3,480,168
368,801
110,481
709,244
327,128
15,682
1,425,654
101,000
97,974
694,831
42,797
314,164
9,147
868
141,082,130 14,989,999
19,454,604 1,118,978
388,092
5,724,602
2,130,376
166,400
277,823
2,755,759
4,777,757
502,623
256,976
3,827,483
140,996
2,096,768
3,350,566
330,265
164,459
1,526,322
169,937
1,909,176
416,711
3,431,943
577,262
5,391,074
9,830,455 1,304,240
652,071
9,835,765
258,592
2,152,474
20,557,417 2,166,784
476,784
4,350,328
8,014,556
983,133
11,111,627 1,630,889
12,841,335
68,208
16,490
1,366
24,027
12,692
13,618
16
8,844,347
526,539
200,422
35,935
178,408
296,158
142,237
65,143
249,549
60,990
82,198
228,725
302,661
598,234
79,164
118,539
1,594,631
275,155
713,203
1,170,711
540,072
244,015
3,715,880
14,533,777
2,110,031
1,536,165
14,884,548 4,555,956
99,067
157,527
28,250
42,270
4,908
6,092
48,926
28,368
26,904
37,905
10,354
21,995
303
339
9,385,561 2,201,371
658,728
217,570
69,895
235,829
50,910
79,855
183,781
37,759
75,487
320,868
156,788
36,648
82,006
26,904
50,788
233,120
33,248
84,868
29,646
99,154
259,847
69,494
94,662
347,130
745,611
240,264
187,635
254,870
150,417
51,594
285,456
1,406,474
295,653
69,860
95,003
669,758
174,721
1,113,335
231,238
1,421,996
56,245
216,555
98,812 10,429,780
596
57,864
14,001
59
1,164
21
126
20,431
10,680
320
67
11,574
14
23
70,602 7,113,588
458,046
3,312
163,411
522
155
28,810
145,507
515
242,939
2,442
3,108
117,032
581
54,521
200,813
1,519
51,250
370
68,172
1,337
189,242
1 ,1 1 1
249,998
2,469
5,036
502,312
117
67,118
98,148
675
10,931 1,110,107
223,267
2,527
571,571
5,184
11,436
927,178
2,983
12,180
123,565
3,824
645
67
652
1,629
661
170
15,575
1,816
410
37
65
574
1,079
263
65
731
817
202
2,065
1,636
114
983
1,065
424
323
1,147
9,237,587
546,781
68,863
66,589
177,577
178,237
53,527
2,187
2,997,101
432,889
75,787
5,442
51,862
70,297
109,817
42,719
9,875
132,699
96,542
60,885
90,812
156,741
196,350
158,096
541,483
77,470
74,919
213,115
819,260
51,427
10,825
1,797
8,265
22,608
6,957
9*78
156,579
13,398
5,604
104
1,352
3,807
3,595
1,162
839
9,465
5,262
3,266
6,275
10,864
2,948
14,247
29,264
3,789
4,029
15,275
88,517
7,675
1,320
1
2
3
66
4
680
5,272 6
506 7
29 8
19,189 9
4,215 10
535 11
22 12
S
111
IS
IS
1Ô
495
142
56
761
1,196
726
137
565
398
5,576
1,554
1,658
386
467
598
14
17
18
19
2201
22
23
24
25
26
27
28
32,010
86
10,880
628
12
29
1,195,264
287,161
284
244,050
10,558
701
SO
45,660
27,545
1,218,930
367,550
366,121
485,279
547,014
198,070
18,084
179,986
511,075
161,932
54,639
828
765
6,175
4,042
1,261
872
24,197
6,565
1,420
5,145
14,181
657
1,453
76,026
88,346
862,140
705,799
30,975
125,568
2,648,827
1,360,070
123,556
1,256,514
986,318
55,848
178,196
6,575
6,278
156,892
115,$49
2,099
19,244
65,537
26,785
2,905
23,878
28,331
1,269
2,540
132
767
7,704
1,269
25
6,412
6,249
4,417
1,714
2,703
1,329
279
8,694
28,983
18,072
9,945
8,512
5,071
1,855
14,742
12,504
7,849
37,870
275
822
1,267
804
3,553
1,397
664
269
1,547
1,230
643
5,453
15,561
41,520
75,785
45,963
225,898
77,416
37,963
8,348
108,849
71,707
63,263
302,489
344
794
2,505
2,152
7,715
2,527
1,180
519
3,622
2,295
1,289
10,422
16
7
265
98
41
154
50
2,683
1,827
13,067
8,693
2,299
2,075
93,169
27,048
3,715
23,533
54,965
4,682
5,876
2,729,020
1,894,601
21,603,751
14,081,883
2,695,741
4,826,128
59,097,060
28,659,910
1,487,953
27,171,957
25,723,665
9,082,536
5,548,165
339,344
217,534
4,277,770
2,571,867
731,259
974,643
3,351,166
1,254,114
93,712
1,160,402
1,815,432
931,564
148,007
217,238
130,327
1,891,148
1,418,082
247,965
225,100
1,609,090
612,746
56,869
575,877
912,019
584,822
55,700
220,087
136,148
2,587,557
1,590,049
343,251
454,257
1,917,955
718,281
47,459
670,822
1,070,805
619,088
80,589
42,862
30,386
814,496
421,075
131,754
261,667
567,367
210,139
16,260
195,879
300,752
128,282
53,165
1,981
2,132
2,892
2,492
276
125
17,904
5,911
415
5,497
10,197
4,639
588
175,244
103,650
1,570,169
1,166,482
1,709
4,294
10,156
4,434
9,768
7,591
1,758
1,416
3,575
8,701
3,552
6,209
5,950
1,029
1,811
5,398
5,424
5,562
11,156
168,506
884,135
3,050,095
793,754
1,155,145
1,148,622
189,284
189,441
1,211,523
1,309,857
992,827
4,715,486
6,915
55,186
254,408
86,541
66,255
65,443
11,648
14,164
68,966
88,161
40,875
261,620
855
24,101
122,545
23,084
25,247
12,655
4,190
2,529
13,631
33,664
9,019
84,325
2,552
29,464
137,455
41,065
33,532
25,858
6,134
5,426
28,521
44,444
17,078
128,848
1,486
8,946
54,311
21,057
11,948
14,759
2,501
3,056
16,178
15,899
9,163
56,476
95
506
1,564
428
484
382
51
191
543
564
363
1,796
771
20,215
101,579
19,579
6,898
6,757
4,279
15,512
5,961,255
181,804
77,457
7,600
24,948
52,218
19,292
287
2,818,816
252,264
69,391
73,155
46,908
64,620
28,310
27,666
37,700
56,698
25,914
73,049
106,259
379,071
382,850
58,118
328,173
106,522
131,480
200,293
192,010
3,628
3,030
20,560
13,608
3,776
3,176
120,426
34,492
5,341
29,151
70,622
5,424
5,462
2 ,112
-------------- .--------Returns with no net income
Dividends
Dividends
paid in cash
paid in cash
and assets
Total
and assets
Deficit 2/ other than
Number of compiled
other than
own stock
receiots 1 1 /
returns
own stock
211,222
192,465
1,332,664
502,231
30,785
471,446
759,857
486,167
46,836
21,100
10,717
5,582
2,179
11,601
27,981
7,551
70,576
31
32
33
34
35
36
37
38
39
40
41
200 42
24 43
44
45
46
47
48
49
50
22 51
142 52
168
142 54
502 55
53
receipt«, net income or deficit, « M d i r t d ^ a
t«x, and adjusted excess profit« net income - Continued
Major industrial groups Q /~ Continued
Service
Hotel« and other lodging places
Personal service
Business service
Automotive repair services and
garages
Miscellaneous repair services,
hand trades
Motion pictures
Amusement, except motion pictures
Other service, including schools
Service not allocable
Finance, Insurance, real estate, and
lessors of real property
Finance
Banks and trust companies
Long-term credit agencies, mortgage
companies, except banks
Short-term credit agencies, except
banks
Investment trusts and investment
companies 15/
Other Investment companies,
including holding companies 14/
Security and commodity-exchange
brokers and dealers
Other finance companies
Finance not allocable
Insurance carriers, agents, etc.
Insurance carriers
Insurance «gents, brokers, etc.
Real estate, including lessors of
buildings
Lessors of real property, except
buildings
Construction
Agriculture, forestry, and fishery
Agriculture and services
Forestry
Fishery
Mature of business not allocable
Fcr footnotes, see pp.17-18
^ ^ f ^ e t ^ w i t h L u “ « “ t’L i '^'' V *
*tth “° M t *«**•« »umber of return«, total compiled
*^
’
return« with net incomei Total tax, income tax, declared value exces«-profit« tax, excess profit«
Total
number
of
Number Total
returns 9/ of
compiled
Net
returns receipts 1 1 / income 2/
58,095
4,505
8,251
6,900
5,091
22,098
2,900
5,652
5,960
1,854
5,049,575
920,628
789,425
940, 552
127,484
625,565
105,985
61,652
79,979
8,791
Adjusted ex
cess profits
net income 12 /
245,821
50,682
14,214
25,911
1,256
Total
tax
521,579
48,765
25,780
58,598
2,976
Income
ta*8/
Declared
value excess- Excess
profits
profits
tax
tax 4/
117.557
22,761
15,540
18,104
1,868
201,950
25,755
12,066
19,929
1,025
Dividends
paid in cash
and assets
other than
Total
compiled
114,846
11,074
10,400
19,089
821
12,614
1,245
2,508
2,455
1,156
585,556
94,999
120,451
95,985
58,757
Dividends
paid in cash
and assets
Deficit 2/ other than
46,770
10,192
5,007
7,146
2,041
1,555
1,027
142,809
16,078
8,844
9,200
1,862
7,052
1,178
476
17,746
1,480
4,020
4,456
5,578
157
142,070
5,059
1,722
1,901
65
82,840
1,495,404
265,026
560,850
11,596
8,855,147
269,044
51,194
55,850
1,052
5,199,691
119,661
29,240
15,768
265
67,756
146,999
50,642
18,166
452
554,255
46,816
7,001
5,589
216
495,756
99,884
25,441
12,548
251
57,691
62,049
6,495
5,642
98
1,022,585
829
1,959
2,155
67
51,042
79,509
61,045
70,756
4,510
992,161
4,905
8,924
6,955
142
504,810
54,759
15,482
5,255
24,619
15,680
1,497
5,507,682
2,585,716
24,874
1,558,856
729,785
6,550
12,949
5,562
142
295,658
205,487
1,829
281.558
198,101
1,692
10,990
4,587
752,458
255,416
2,174
8,559
1,241
1,609
128,012
69,055
6,050
89,774
20,524
6,025
1,849
110
7,745
6,265
119,147
106,126
15,021
84,787
686
2,007
2,178
527
1,851
57,414
9,951
5,218
296,220
262,277
55,944
555,425
19,260
14,146
24,621
22,655
1,986
165,105
5,945
5,586
6,016
5,954
1,529
799
14
122
5,552
2,282
197,225
55,052
5,569
5,451
2,476
261,608
196,958
95
2,105
1,495
425,919
508,705
1,505
889
126,001
29,912
851
1,552
4,097
7,779
1,968
5,811
92,552
655
1,667
5,551
1,582
5,749
49,572
52,655
55,706
5,476,816
5,272,965
205,855
1,617,661
21,514
10,600
1,596,298
1,564,651
51,647
554,850
2,052
578
20,625
15,675
4,949
19,592
8,774
5,022
110,458
98,545
11,895
105,126
7,015
2,526
92,790
85,164
7,625
85,125
7,220
5,518
250,988
109,728
14,791
47,001
54.485
65,991
5,111
54,505
27,510
12,528
6,825
6,178
574
275
17,415
7,160
5,912
5,605
178
151
1,824
2,699,979
822,592
788,951
16,509
17,552
142,901
172,758
154,455
128,679
5,555
2,441
17,875
75,544
59,765
58,786
11
968
5,656
90,166
65,287
61,517
766
1,204
6,905
29.486
29,500
28,166
747
587
5,775
25,758
50,151
28,808
1,067
256
5,574
4,554
2,505
2,227
165
115
5,277
481,986
107,055
97,779
5,785
5,475
18,021
55,604
14,550
12,591
1,464
475
20,095
5,920
456
2,872
700
1,721
465
17,525
15,555
4,168
16,750
540
Table 1-A. - Consolidated corporation inoons and deolared value exoese-profits tax returns, l/ 1944, by major industrial groups, for retains with net incoen and returns with no
net Innone i Number of returns, number of subsidiaries, total compiled reoeipts, net 1noons or deficit, and dividends paid in cash and assets other than own stook} also, for
returns with net inoones Total tax, inocme tax, deolared value excess-profits tax, exoess profits tax, and adjusted exoess profits net income
Major industrial groups 8/
All industrial groups
Mining and quarrying
Metal mining
.. Anthracite mining
Bituminous coal, lignite, peat, eto*
Crude petroleum and natural gas production
Monmetalllo mining and quarrying
Mining and quarrying not allooable
Manufacturing
Pood and kindred produets
Beverages
Tobacoo manufactures
Cotton manufactures
Textile-mill produots, exocpt cotton
Apparel and products made from fabrios
Leather and products
Rubber produots
Lumber and timber basic produots
Furniture and finished lumber produots
Paper and allied produots
Printing and publishing industries
Chemicals and allied produots
Petroleum and ooal produots
Stone, day, and glass products
Iron, steel, and produots
Nonferrous metals and their produots
Eleotrioal machinery and equipment
Machinery, except transportation
equipment and electrical
Automobiles and equipment, except
eleotrioal
Transportation equipment, exoept automobiles
Other manufacturing
Manufacturing not allooable
Publie utilities
Transportation
Communloation
Other public utilities
Trade
Wholesale
Commission merchants
Other wholesalers
Retail
General merchandise
Food stores, including market milk dealers
Paokage liquor stores
Drug stores
Apparel and accessories
Furniture and house furnishings
Eating and drinking plaoes
Automotive dealers
Pilling stations
Hardware
Building materials, fuel, and lee
Other retail' trade
Retail trade not allooable
Trade not allocable
for footnotes, see pp. 17-18
(Money figures in thousands of dollars)
Returns with net income 2/
Adjusted
Taxes
Total numDeolared
exoess
Net
Number •Number of Total
ber of
Rxoess
Total Inocne ▼alue
incoas 2/ profits
of
subsidi compiled
oonsoli*
tax
tax z / excess* profits
net
dated re* returns aries 10/ reoeipts 11 /
inobme 12/
profits tax 4^
turns 9/
tax
1,800
68
4
7
1,009
49
4
5,000
187
18
6
68
21
14
81
22
58
48
6
4
-
418
42
10
6
19
9
4
4
17
7
866
88
9
4
19
7
4
4
IS
10
1,710
228
18
6
89
14
6
89
28
12
6
10
10
20
81
47
26
43
22
22
96
162
260
28
48
16
18
81
14
82
16
27
224
87
106
49
6
6
14
22
12
IS
200
120 .
11
69
216
91
7
84
104
17
16
-
11
21
ii
ii
168
92
9
62
181
76
21
186
29
126
1,267
589
86
688
619
169
6
6
70
18
4
17
8
8
163
821
118
47
*
7
51
4
18
16
66
6
6
1
15
an
4
7
•
6
4
•
6
7
6
20
88
16
12
8
17
1
8
14
7
29
81,608,016 3,047,626
489,648
33,162
84,791
7,486
6,368
166,869
9,111
169,663
9,474
82,964
6,772
714
*
*
21,464,124 1,676,626
1,100,967
84,923
60,378
2,613'
62,936
6,776
46,142
277,806
23,338
1,770
2,602
61,006
71,284
967,962
2,917
38,127
1,317
10,610
78,682
9,638
218,486
38,399
101,307
1,007,041
5,061,377
277,303
5,387
53,194
202,859
3,498,443
1,438,220 163,896
489,224
60,442
10,864
90,724
1,294,894 1,692,698
12,469
1,399
3,347
1,113
2,324
8,667
5
2,769
121
161
362
*
663,871 919,010
66,368
48,390
1,007
88
«
*
4,799
4,862
31,809
33,935
720
1,031
400
1,203
68,271
51,876
608
1,283
165
.486
8,670
6,130
18,092
22,715
27,508
53,689
9,286
93,043
3,240
2,478
99,817
42,116
93,033
74,818
26,076
27,265
6,992
7,118
630,111
11,232
2,890
2,320
8,667
2,661
214
*
576,644
14,879
930
»
757
4,291
416
870
6,394
765
344
1,171
60S
34,201
2,154
682
6,734,023
39,914
140,881
6,302,917
4,704,809
33,421
1,664,687
2,867,188
646,790
16,391
630,399
1,778,743
419,490
1,061,16t
*
3,824
148,820
4,624
94,406
6,706
960
•
5,662
84,668
9,061
41,656
580,772
6,730
17,731
1,097,076
848,126
7,172
241,778
297,615
8,841
1,045
668,654
626,026
1 1 1,1 12
36,889
867
35,022
73,667
86,691
20,103
*
76
9,397
149
4,864
666
0
51
286
1,192
264
1,666
668
86,859
62,681
18,140
SSS
12,807
88,928
26,866
6,029
*
4,261
34
1,615
47
*
*
88
•
618
1,668
8,316
50,000
85,066
1,139
66,380
29,122
6,270
1,282
364,460 112,248
618
5,176
7,287 6,307
663,074 188,684
661,374 119,056
3,197 2,622
98,603 66,967
65,096 22,126
19,021 8,405
142
'438
18,583 8,263
46,207 18,298
26,2$4I 3,800
10,967 5,776
*
*
10
13
2,006
6,716
76
48
2,662 1,248
287
196
21
21
*
92
162
18
869
*
92
86
18
428
Returns mith no net income 2/
Dividends
Number Number of Total
paid in
Deficit 2/
subsidi ocsq>lled,
of
oash and
returns aries 10/ reoeipts 11 /
assets
other than
own stook
781
78
*
4,273 1,068,214
1,196
32
6
951
*
5
4
6
102
16
138
*
“
"
8,083 539,383
40,426
65
* 76
2
“
*
4,011
82
671
26,846
*
615
319
14
164
46,328
7
620
*
141
*
4,013
87
14,813
23,482
108
7,939
59
60
2,062
346
58,093
63,721
190
20,686
219
6,677
38
988,281
19,811
6,781
8,759
289
19
*
2
6
868
7
9
18
48
1
1
499
1,824
“
“
*
177,624
241,363
2,649
581
8
7,116
828
162
262,487
685 463,854
560 431,768 , 113,317
871
1,492
4
147,679
31,516
81
472
42,498
27,985
10,374
12,018
241
118
264
82
11,899
209
10,110
81,688
15,690
221
21,867
67
5,683
87
6,164
6,890
“
*
*
*
2
*
1,689
89
3,621
24
29
*
2,409
1,881
24
161
41
(16)
*
*
•
.“
*
•
(16)
76
565
2
(16)
*1
228
486
10
i
5
1
2
1
8
47
28
2
177
106
4
17
84
16
90
46
311
1*185
3,966
288,272
162,480
2,109
78,682
110,826
70,860
230
70,680
29,490
184
8,057
“
69
849
8,190
224
606,887
14,869
711
*
972
5,217
277
618
9,156
657
260
1,433
8,144
31,784
214,644
826
68,847
46,707
14,142
699
*
674,083
66,762
“
13,280
29,413
28,977
92
"
180,174
4,976
*
1
1
8
"
1,056
*
r *
1,932
4,779
9,289
6,673
59566
11,699
111,466
9,606
1,191
8,877
“
67
4
1
"
102
6
2
“
*
2
2
*
"
-
2
1
2
6
4
*
9
ii
6
2
4
2
2
4
9
4
•
17
27
7
2
6
68
1
2
14
16
48
82
1
8
*
1
5
"
1
1
1
8
*
3
*
*
17
•
5
•
8
2
2
2
8
15
*
2
61,726
1,839
“
224
430
620
65
“
7,880
149
16
"
18
“
78
“
•
149
5l
164
78
164
551
6,791
291
92
70
96
82
50
26,200
14,666
1,319
9,316
1,608
494
89
466
992
Dividends
paid in
oash and
assets
other than
own stook
10,486
772
*
55
231
509
“
“
940
1
2
110
10
S
4
6
6
T
8
9
* 11
* 12
*
14
16
16
* 17
18
25 19
“ 20
5 21
18 22
• 28
79 24
585 26
118 26
“ 27
h 28
18
~
•
•
6,198
149
5,049
2,186
2.068
1,626
428
188
29
i
|
j
1 82
1
j
SO
81
8
8
84
86
86
87
88
108
89
40
41
42
1 48
44
46
132 46
47
48
* ' 49
* 60
(61
62
120
22
" 64
66
2
45
200
2
2,660
*
20,974
*
446
"
677
“
1*.453
9,976
242
455
42
68
Table 1-A.Consolidated corporation income and declared value excess-profits tax returns, 1/ 1944, by major industrial erouns. for returns with net -lruv.ee enrf .....
“ J ^ h "“t T °f
of ^»idi^ries, total compiled receipts, net income or deficit, and dividend, paid to cash and assets other
returns with net income t Total tax, income tax, declared value excess-profits tax, excess profits tax, and adjusted excess profits net income 1
Major industrial groups 8/ Continued
56 Service
57
Hotels and other lodging places
58
Personal service
Business service
59
60
Automotive repair services and garages
61
Miscellaneous repair services, hand trades
62
Motion pictures
63
Amusement, except motion pictures
64
Other service, including schools
65
Service not allocable
66 Finance, insurance, real estate, and lessors
of real property
Finance
67
68
Banks and trust companies
69
Long-term credit agencies, mortgage
companies, except banks
70
Short-term credit agencies, exoept banks
71
Investment trusts and investment companies ]
72
Other investment companies, including
holding companies 14/
75
Security and comaodity-exchange brokers
and dealers
74
Other finance companies
75
Finance not allocable
76
Insurance carriers, agents, etc.
77
Insurance carriers
78
Insurance agents, brokers, etc.
79
Real estate, including lessors of buildings
80
Lessors of real property, except buildings
81 Construction
82 Agriculture, forestry, and fishery
85
Agriculture and services
84
Forestry
85
Fishery
86 Nature of business not allocable
Total num
ber of
Number Number of Total
Net
consoli
of
subsidi compiled
income 2/
dated re returns aries 10/ receipts 1 1 /
turns 9/
79
61
18
5
4
194
54
5
55
2
8
12
21
8
7
5
61
49
4
271
171
79
22
54
17
5
20
Declared
Income value
Excess
tax 5/ excess- profits
profits tax < /
tax
Total
tax
122,627
55,478
2,134
6,471
. 943
16,225
4,580
156
207
62,481
11,777
5,344
7,978
5,238
65
1,737
1,994
1,050
542,130
79,595
518
123
199,277
80,548
1
1
102
57,091
21,182
15
IS
5
7
339
7
14
43,971
17,299
37,559
11,528
li107
20,603
517
-
4,798
135
1,971
4,525
135
1,971
6
6
12
7,497
871
7
124
118
(15)
2
1
2
2
4,482
7,839
270,400
260,226
10,175
66,465
5,989
65,689
163,793
165,671
245
1,739
12,077
9,247
2,831
8,626
'1,800
5,630
29,211
29,192
-
103
102
500
500
2,975 2,528
2,139 2,060
856
468
2,500 1,581
529
525
2,497 -1,705
15,858 7,986
15,853 7,980
1
21
6
7
5
25
5
25
19
6
151
16
40 .
15
19
15
4
89
9
27
12
11
10
i
1
20
12
9
85
75
10
405
24
64
59
58
1
1
_ _____
footnotes,, see pp. 17-18.
excess
profits
net
income 12 /
d
7,425
1,165
61
81
(IS)
4,160
1,009
61
79
(15)
4,034
2,067
16
2,559
456
16
50
7
1,687
19,179 17,726
20
1,455
526
13,575 13,092
5,740 5,737
4
4
5
279
2
1
2
2
520
89
430
841
1,010
6,907
6,907
-
121
'
3,885
154
"
5
“
5
-
64
25
5,200
151
2
2
_
(IS)
2
2
•
9
-4
9
7
7
Dividends
Dividends
paid to
Number Number of Total
paid in
cash and
of
subsidi compilad
Dsficit 2/ cash And
assets
returns aries 10/ receipts 11 /
assets
other than
other than
5,237
858
1,465
1,604
3,024
290
40
104
5
5,805
90
5
5
1
1
1,776
499
14
2
18
4
4
6
S ,997
7
6,861
450
1,758
416
49,446
98
266
55,446
11,520
54,146
10,752
5
25
5
47
7
5
3,866
2^709
265
2,978
'682
151
177 67
56 68
15 69
85
2
8
1
5
11
407
2
4
13
6
1
7
456
894
45 70
71
65 72
34
-
.
_
_•
75
_
610
12,465
9,492
2,975
1^656
1,178
2^581
10,898
10,895
1
6
6
5
s
6
8
6
2
58
5,165
5^105
60
24,519
98
25,298
'lO?
107
*
4,165
559
18,022
6
785
5,865
5,865
19,455
1,276
506
1,119
71
21
271
•
-
444
76
368
710
46
90 56
57
58
59
60
61
40 62
so 65
64
65
66
1,005
5
*
18
5
1
(15)
fo7
4
2
62
5
15
206
6
2
2
2
2
24
;
i
1
506
104
1,080
24S
252
15
8,181
74
75
76
77
828
116
1^145
295
54
*
'•
-
54
106
«am
Table 2,* * Corporation income and declared value excess-profits tax returns, 1 / 1944, fcy major industrial groups, for returns with net income and returns with no net income* Dividends
received on stock of domestic corporations and interest received on Oovenraent obligations
Major industrial groups 8 /
1
2
5
4
5
6
7
8
9
10
11
12
IS
14
IS
16
17
18
19
2
220
1
2
25
24
25
26
27
28
29
SO
S I
S2
SS
54
55
56
57
58
59
40
41
42
45
44
45
46
47
48
49
50
51
52
55
54
55
ill industrial groups
Mining and quarrying
Metal mining
Anthracite mining
Bituminous coal, lignite, peat, etc.
Crude petroleum and natural gas production
Honmetallic mining and quarrying
Mining and quarrying not allocable
Manufacturing
Food and kindred products
Beverages
Tobacco manufactures
Cotton manufactures
Textile-mill products, except cotton
Apparel and products made from fabrics
Leather and products
Rubber products
Lumber and timber basic products
Furniture and finished lusber products
Paper and allied products
Printing and publishing industries
Chemicals and allied products
Petroleum and coal products
Stone, clay, and glass products
Iron, steel, and products
Ncnferrous metals and their products
Electrical machinery and equipment
Machinery, except transportation equipment
and electrical
Automobiles and equipment, except electrical
Transportation equipment, except automobiles
Other manufacturing
Manufacturing not allocable
Public utilities
Transportation
Communication
Other public utilities
Trade
Wholesale
Commission merchants
Other wholesalers
Retail
General merchandise
Food stores, including market milk dealers
Package liquor stores
Drug stores
Apparel and accessaries
Furniture and house furnishings
Eating and drinking places
Automotive dealers
Filling stations
Hardware
Building materials, fuel, and ice
Other retail trade
Retail trade not allocable
Trade not allocable
For footnotes, see pp*17-16,
Dividends
received on
stock of
domestic
corporations
Returns with net income ¿T7
Irterest received on Government obligations
fless amortizable bond nremltm)
Subject to
declared
Subject
Wholly
Wholly
Total
value excess- to surtax taxtaxable ¿7/ profits tax
only 19/ exempt 20/
and surtax 2 3 /
1,407,149 1,656,515
51,158
5,822
17,215
2,892
597
910
2,586
1,047
9,190
988
1,255
495
5
5
592,187
115,542
20,959
5,650
5,958
1,754
476
4,675
1,876
2,005
5,967
5,606
1,691
1,259
1,588
1,577
2,059
1,665
5,299
1,418
1,765
1,555
6,295
5,409
15,825
4,519
105,155
9,495
102,854
5,992
4,112
2,920
55,565
19,870
14,455
5,075
20,075
11,590
10,957
11,995
588
28,184
5,560
1,255
502,785
75,686
172,556
54,565
46,585
26,051
7,492
18,559
17,561
8,707
1,181
5
1,057
2,677
640
592
512
115
82
899
629
489
2,975
1,671
14,819
2,578
1,292
52,554
17,705
5,554
11,277
24,985
8,055
715
7,519
15,281
9,966
699
IS
157
1,190
862
505
511
105
85
648
477
288
1,670
1,078,822
4,529
2,569
257
809
595
294
5
88,256
4,262
1,405
229
1,760
5,158
1,071
1,209
1,601
1,248
946
2,665
2,885
7,411
5,995
1,852
17,651
2,785
4,607
9,717
526,414
1,018
545
150
168
215
160
(15)
10,882
512
142
157
109
125
159
55
50
90
105
477
979
1,058
1,485
15,407
148
885
1,886
57a
1,055
25,525
15,817
5,447
6,261
22,041
7,000
606
6,594
15,598
9,202
454
7
125
1,150
815
240
428
58
79
470
410
159
220
1,445
18,270
25
1
1
19
1
5
102
464
50
1,000
18
5
1
1
111
11
4
19
15
72
62
290
261
626
948
965
570
766
2
111
157
157
16
505
64
5,416
'887
52
40
475
2
120
4
147
97
5
47
294
47
7
40
219
155
50
74
6,762
2,076
61
4,625
1,575
524
77
447
756
520
68
16
5
11
8
51
79
171
11
(15)
2,100
(15)
(15)
186
1
2
2
959
49
4
5
47
9
5
5
56
54
44
25
29
105
255
506
5
56
7
5
2
74
97
16
26
15
11
225
18
20
111
57
64
54
21
8
12
16
52
59
755
494
5,521
265
(is)
5,255
808
408
59
569
259
5
14
(15)
22
5
15
56
55
7
10
18
2
(is)
n
7
147
50
2
28
28
96
8
15
5
(IS)
160
9
15
161
z
13
z
5
5
(15)
5
(is)
(15)
10
z
20
1
109
5
6
1
(15)
(15)
(16)
(IS)
1
z
5
9,099
29
4
3
7
14
6
1
184
54
7
(15)
(15)
(15)
1
1
1
5
z
5
z
9
33
1
1
12
8
(is)
10
1
(15)
35
50
z
s
z
(15)
1
16
51
25
474
540
(15)
2
2
(15)
258
657
596
24
575
200
152
552
545
25
520
165
14
7
IS
6
1
1
66
15
192
118
1
1
34
52
44
16
(15)
(16)
(15)
(15)
(15)
•74
42'
19
15
1
22
(15)
15
27
22
6
15
5
1
(15)
(15)
1
(15)
(15)
6
560
5
21
1
210
20
4
4
1
2
5,251
47
28
28
19
14
105
1
101
6
5
21,561
256
94
15
44
75
28
1,259
109
4
1
55
2
20
56,251
509
99
17
67
- 91
32
50
59
28
25
46
40
SO
58
104
Returns with no net Income 2/
Interest recelved on Government obligations
(less aslortliable bond premium)
Subject to
declared
Subject to Wholly
Total Wholly
value excess- surtax
taxtaxable 17/ profits tax
only 19/
exempt 20/
and surtax 18/
(15)
487
1,401
178
1,064
1,527
6
22,047
755
155
5
15,250
808
174
84
125
505
27
1,154
866
1,715
45
544
1,275
465
25
457
708
509
154
(15)
252,809
450
177
9
51
177
56
Dividends
received on
stock of
domestic
corporations
23/
1
1
(15)
4
26
28
19
4
15
(is)
11
2
2717
45
61
21
15
11
2
20
11
45
46
1 '
n
(15)
4
8
6
1
(15)
5
6
(IS)
(15)
1
(15)
1
5
(16)
1
(15)
15
s
}
Table 2. - Corporation lncoae and declared value exoess-profita tax returns, 2/ 1944, by major industrial groups, for returns with net income and returns with no net income:
received on stock of domestic corporations and interest- received on Government obligations - Continued
Major industrial groups 8 / - Continued
Dividends
received on
stock of
domestic
corporations
llT
56
57
58
59
60
61
62
65
64
65
66
67
68
69
70
71
72
75
74
75
76
77
78
79
80
81
82
85
84
85
86
Service
Hotels and other lodging places
Personal service
Business service
Automotive repair services and garages
Miscellaneous repair services, hand trades
Motion pictures
Amusement, except notion pictures
Other service, including schools
Service not allocable
Finance, insurance, real estate, and lessors of
real property
Finance
Banks and trust companies
Long-term credit agencies, mortgage companies,
except banks
Short-term credit agencies, except banks
Investment trusts and investment companies 15/
Other Investment companies, including
holding companies 14/
Security and commodity-exchange brokers and
dealers
Other finance companies
Finance not allocable
Insurance carriers, agents, etc.
Insurance carriers
Insurance agents, brokers, etc.
Real estate, including lessors of buildings
Lessors of real property, except buildings
Construction
Agriculture, forestry, and fishery
Agriculture and services
Forestry
Fishery
Nature of business hot allocable
For footnotes, wee pp. 17-18
51,661
1,956
554
2,701
57
29
25,758
535
(Money figures in thousands of dollars)
Returns with net income 2/
Interest received on Government obligations
(less amortisable bond premium)
Subject to
Subject
declared
Wholly
Wholly
Total
value excess- to surtax taxtaxable 17/ profits tax
only 19/ exempt 20/
and surtax 18/
5,162
1,291
254
446
23
45
706
165
253
2,859
1,264
176
338
19
41
655
148
194
2
59
590,145 1,472,787
2
935,502
460,188 1,042,292
16,608 1,015,955
149
141
642,583
624,648
114
239,252
254,140
222
175
19
50
63
2
1
87
2
17
- (IS)
41
6
69
55
74’
44
5
(IS) i
15,108
52,625
141
59
8
8
2
2
(15)
50
(IS)
55
17
(15)
6
(15)
5
7,178
1,117
12
24,934
21,690
54
15,594
15,945
28
2,164
2,078
.1
(15)
12
85
1,057
757
44
2,052
2,978
55
411
476
51
104
411
1
(IS)
25
50
17
54
715,
1,918
292
1,730
745
1
79
584
62,943
62,919
24
795
115
248
174
161
15
(15)
609
75
6,119
6,092
27
1,724
87
185
291
290
56
465
5,954
5,954
52
279
1,954
1,940
14
1,055
27
510
56
55
6
15,570
7,157
5,601
210
85
1,405
288,949,
288,706
245
3,361
609
1,542
878
828
29
45
87
70,420
70,598
22
462
156
142
518
515
4
(15)
56
(15)
11
2,616
2,611
5
85
4
6
4
4
as
•
5
22
20
1,695
42
404
47
46
1
(15)
152
4,828
1
4
26
2,175
2,171
4
482
7
26
5
5.
22
.1
526
8,641
141
7,055
5,546
25
67
122
1
5
5
287
26
70
71
72
984
75
15
152
1,461
1,460
74
76
76
77
78
79
80
81
82
85
84
85
4
(15)
5
6
565
562
1
(IS)
21
2
1
158
—
m
(15)
(IS)
cm
1
(IS)
56
57
56
59
60
61
62
65
64
65
66
1
(15)
m
(15)
26
(15)
1
50
55
5
18,629
1
(15)
5
(15)
146,557
142,062
17
652
1,049
113,522
109,841
5,482
15,005
1,652
4,844
7,034
6,905
55
.76
970
1
(15)
15,901
15,105
3
7
9
(15)
1
8
7,559
109
212
10
11
248.
5
4
55
16,606
51
875
466
21
2
W
Returns with no net income 2/
Interest recei ved on Oovernment obligations
(less asortliable bond nremium)
Subject to
declared
Subject
Wholly
Total Wholly
value excess- to surtax tax
taxable X U profits tax
only 22/ exempt 20/
and surtax 18/
26
4
28
«.
210,409
1,078
5,466
2,651
21
118
7
25
28
2
1
(15)
(15)
25
1,205
7,422
5,905
172
1
4
16
11
24
310,270
2,152
160,792
271,468
2,085
424,929
424,654
295
4,704
862
1,758
1,574
1,507
46
51
Dividends
received on
stock of
domestic
corporations
Dividends
6
67
7
7
m
2
6
8
69
86
-
Ih -
Tabla 5*. - Taxable corporation excess profita tax return», 1/ 1944, by adjusted excess profita net income classe» and by
Method of credit computation! Number of retuma, excess profits net incoee, excess profits credit, adjusted excess
profita net 1norms or deficit, excess profits tax, credit for debt- retirement, and poet-war refund
Number
of
returns
Adjusted excess profits
net income classes 6/
— :------(Income classes and money fisiares in thousaiids of dollars)________________ . , — ----1
Excess profits
tax lass
Credit for
Excess
Adjusted
Excess
Excess
Post-war
credit for
debt re
profits
excess
profits
profits
tirement 22/ refund 28/ debt retire
tax
credit 21/ profits net
net
ment
and postbefore
Income
or
income jj/
war refund___
deficit (-16/ credits 4/
Aggregate
Deficit £4/
Under S
S under 10
10 under 15
15 under 20
20 under 25
25 under 50
50 under 100
100 under 250
250 under 500
500 under 1,000
under 2,000
2,000 under 5,000
5,000 under 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 and over
1,000
Total
Deficit £4/
Under 5
5 under 10
10 under 15
15 under 20
20 under 25
25 under 50
50 under 100
100 under 250
250 under 500
500 under 1,000
under 2,000
2,000 under 5,000
5,000 under 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 and over
1,000
Total________________
Deficit £4/
Under 5
5 under 10
10 under 15
15 under 20 under 25
25 under 50
50 under 100
100 under 250
250 under 500
500 under 1,000
under 2,000
under 3,000
5,000 under 4,000
4,000 under 5,000
5,000 under 10,000
10,000 under 15,000
15,000 under 20,000
20,000 under 25,000
25,000 and over
20
1
2,
,0
00
00
0
Total
for footnotes, see pp. 17-18
'
12,066
11,665
16,080
18,797
15,297
8,465
7,615
19,178
16,256
14,521
10,086
84,796
126
2,007
5,666
4,291
4,429
4,481
21,422
55,902
75,676
72,955
89,062
92,119
60,459
42,795
50,918
96,Í28
56,875
55,945
16,502
169,605
1,595
21,796
59,291
45,255
47,285
47,247
225,495
577,508
771,688
761,569
946,277
998,247
681,806
461,551
546,797
1,057,746
657,982
454,599
257,484
2,289,598
11.588.644
247.729
911.155
10.429.780
-5,546
18,510
52,257
56,959
57,100
57,595
166,650
269,522
522,158
490,578
598,017
^ .602,845
575,040
262,794
192,497
559,670
562,565
255,922
155,802
1,456,456
1,2*4
18,526
50,751
54,860
34,966
35,174
156,244
250,062
469,910
431,099
518,509
520,626
329,907
217,838
168,450
467,866
306,575
205,742
140,091
1,288,760
24
534
540
556
591
582
2,550
4,071
7,629
7,521
9,925
11,289
7,068
5,785
8,572
12,450
6,889
7,986
7,275
55,961
1,499
2,555
2,950
2,905
2,955
13,075
20,935
59,362
35,589
41,908
40,774
25,922
17,998
14,271
54,557
25,748
12,588
6,756
72,915
16,494
87,676
31,574
51,470
51,657
140,619
225,056
422,919
587,989
466,478
468,564
296,916
196,054
151,567
421,080
275,756
185,168
126,082
1,159,884
2.702.787 7/6.572.451
Income method - aggregate
5.626.580
149.596
*15.062
S.063.922
503
5,891
12,905
15,4 a
17,575
17,522
94,506
169,163
387,514
414,866
533,111
588,538
427,655
294,752
216,899
685,185
424,718
276,924
123,780
1,255,257
4
81
159
181
255
186
1,083
1,950
4,457
4,142
6,157
7,508
8,229
4,680
5,044
6,728
9,547
6,355
2,812
28,836
26
508
1,151
1,561
1,524
1,546
8,547
14,967
34,314
37,545
47,154
51,546
54,537
24,795
16,646
61,791
55,125
21,557
9,566
96,688
275
5,302
U,615
13,879
15,816
15,590
84,875
152,247
548,765
373,580
479,799
529,684
584,890
* 265,276
195,210
616,666
582,246
249,231
Ul,402
1,129,714
5,962,064
98,155
498,073
5,565,857
-6,584
24,170
45,775
55,220
55,679
55,829
266,570
449,785
941,068
948,264
1,188,882
1,254,651
852,748
589,155
452,594
1,294,060
824,606
544,977
291,245
2,819,912
1,547
24,218
45,656
50,281
52,559
52,497
250,550
419,225
857,424
845,965
1,051,419
1,109,164
757,562
512,590
585,529
1,155,051
751,091
482,666
265,871
2,545,998
6.855.579 7/12.955.185
Invested capital method
16,556
122,850
64,695
76,658
59,840
55,817
215,294
529,706
488,411
455,528
588,452
620,059
446,179
258,475
225,749
716,288
565,164
229,756
152,504
1,551,665
52
15
55
56,041
266,466
196,997
179,522
150,514
158,897
566,297
855,860
1,502,792
1,455,808
1,810,655
1,895,540
1,515,866
858,856
657,512
2,012,059
1,188,755
775,055
445,877
4,175,587
55.888
20.458.071
2,077
8,624
4,414
2,988
2,155
1,676
4,655
5,802
5,299
1,405
847
454
154
76
45
77
SO
14
7
29
25,991
178,908
124,942
109,114
91,274
85,275
528,502
441,651
785,859
684,701
819,588
864,871
519,462
572,785
256,775
788,787
458,224
508,055
245,747
2,020,286
86.762
9.508.571
480
2,645
1,766
1,310
1,058
815
2,769
2,507
2,629
1,299
835
475
194
94
54
26
10,051
87,558
72,054
70,208
59,041
55,622
237,995
414,208
716,933
75Ì,107
991,244
1,028,669
794,405
486,073
400,538
1,223,252
730,511
467,001
200,150
2,155,101
6,288
53,457
38,846
37,481
28,941
26,524
105,429
201,258
266,145
278,259
386,452
571,001
303,370
158,005
159,902
468,026
267,603
157,765
64,629
771,210
19,126
10,949,700
4,150,592
2,557
11,269
6,160
4,298
5,195
2,489
7,402
6,509
5,928
2,702
1,682
909
548
170
97
187
68
no
6
58
18
10,048
69, 575
45,847
59,177
50,899
29,292
109,865
128,449
222,266
175,269
202,000
249,058
142,809
100,468
65,846
248,262
95,561
71,971
87,875
580,455
-1,237
5,861
13,537
16,282
18,578
18,256
99,921
180,263
418,950
457,686
590,865
651,806
477,709
526,559
240,096
754,590
462,245i
509,055
135,441
1,585,476
7/6,560,734
29
415
700
758
824
768
5,655
6,021
100 1,120
- 15 -
T*ii*_i:i.rJT*iabl*J??rpor*ti#n ,X0*M vrotxu tax return«, ¿/ 1944, by adjusted axoeès profits aat ineoms -ir--- m i
by — thod af eradlt oMvatatlant Humbar af returns, axoaaa prafita aat inoome, axoaaa prafita cradlt, adjusted
axeaaa pronta net Innnma or dafioit, axoaaa pronta tax, oradit far debt retirement, and pnat ear refund - Cemttymed
'Inoona c la s s a « and mnnanr
Adjusted axoaaa pronta
net income olaaaaa jj
Dafioit
Under S
5ondar10
10 ondar IS
15 andar SO
SO ondar SS
SS ondar SO
SO ondar 100
100 ondar SSO
SSO ondar 500
500 ondar 1,000
1.000 ondar 2,000
2.000 ondar 3,000
3.000 ondar 4,000
4.000 ondar 5,000
5.000 ondar 10,000
10.000 ondar 15,000
15.000 ondar 20,000
20.000 ondar SS,000
25.000 and orar
---l2$Sl_____
la
a f d a lla ^ l
Adjusted
Kxoaaa
pronta
axoaaa
pronta
oradit Si/
pianta not
tax
incorna or
before
oradit« 4/
doflelt(»)6/
Inoona method - general average
SOS
1,S46
870
640
526
399
1,488
1,286
If 380
670
459
268
102
45
29
59
23
12
1
15
5,669
85,578
54,665
28,949
50,766
24,508
121,070
182,344
344,899
367,923
517,811
569,287
412,014
217,098
218,475
646,915
396,654
314,706
28,427
1,464,490
8,164
19,468
17,758
18,720
15,498
11,184
51,742
75,225
119,188
124,246
197,230
199,122
153,996
60,567
89,668
250,924
121,628
107,066
4,033
654,753
-9,601 --- 5.960.222
-577
2,798
6,964
7,988
9,539
8,915
52,015
92,271
210,080
236,539
314,690
366,767
250,874
155,317
128,517
415,667
274,491
207,520
24,384
829,587
146
2,777
6,589
7,528
8,805
8,465
49,042
86,511
194,517
213,755
283,995
331,635
222,937
140,404
117,601
578,596
250,811
185,858
21,175
768,744
fain pronta
Cradlt for
debt re
tirement ffi/
feat-mar
refund if/
tax lean
oradit far
debt retire
ment and poet-
'rafq*
2
86
65
71
98.
75
525
888
2,072
1,765
5,212
4,072
3,328
2,364
2,590
2,522
5,890
5,806
«•
18,447
7/3.594.670
18
242
5M
681
785
771
4,380
7j765
17,830
19,612
85,187
29,091
18,970
11,676
9,170
55,838
19,191
14,779
2,117
58^428
151
2,499
5^951
6^770
7,924
IfiiU
44j158
n]a60
174,886
192^380
255j595
298^472
200,643
126j368
105,841
340^737
225^730
167 j273
19j057
691'870
_____876.147 ___8-951.712
Income method - increased earnings
Deficit SA/
Under S
5 under 10
10 under 15
1S under 20
20 under 25
25 under 50
50 under 100
100 under 250
250 under 500
500 under 1,000
1.000 under 2,000
2.000 under 3,000
3.000 under 4,000 <
4.000 under 5,000
5.000 under 10,000
10.000 under 15,000
15.000 under 20,000
20.000 under 25,000
25.000 and orar
—
-lata!_______
277
1,399
* 896
670
532
414
1,331
1,221
1,299
629
396
207
92
49
25
51
15
6
5
11
6,381
51,980
37,389
41,259
28,274
29,121
116,925
231,864
372,034
383,184
473,433
459,382
382,391
268,975
182,064
576,336
535,876
152,295
171,703
690,611
4,124
33,989
21,088
23,761
13,442
15,400
53,687
126,032
146,957
154,013
189,221
171,879
149,374
97,438
70,234
237,102
145,975
50,700
60,596
136,457
______ 8,585 ___ 4.989.478
1.901.470
For footnotes, see pp, 17-18.
r
-660
3,063
6,573
8,344
9,259
9,321
47,908
87,892
208,850
221,147
276,175
285,040
226,834
171,042
111,580
338,723
187,751
101,535
111,057
553,889
7/2.966.064
157
3,114
6,316
7,899
8,768
8,860
45,264
82,653
193,197
201,111
249,118
256,902
204,718
154,348
99,299
306,589
173,907
91,065
102,606
486,493
2.682.584
5
45
94
no
135
111
559
1,062
2,366
2, 379
2,944
3,436
4,905
2,316
2,454
4,206
5,457
2,529
2,812
10',389
46.312
15
266
538
680
741
775
5,968
7^204
16^954
17^733
21,967
22,254
15^566
13,119
7^476
26^455
13^934
6’578
7^448
38j260
221.927
141
2,803
5,684
7,109
7,891
7,974
40,738
74,387
173,877
181,000
224,206
231,212
184,246
138,913
89,369
275,930
156,516
81,959
92,545
437,844
2.414.145
Tabi* 4. » Corporation returns, 1/ 1955 — 1944t Historical ruanary of sslootad itene fron incons
and dada red saint excess-profits tax rotarne, and excess profits tax returns
______ utsasr figure» tq pno isanas or aou. ira )
1945
1944J S /
1942
1941
1959
1940
1957
1958
1956
1955
Inoosa end declared raine excess-profits tax returns
ill incane and declared rains excessprofits tax returns!
Hunber (excluding returns of inactire corporations)
Total cospiled receipts 11/
Net Incline less deficit gj
Total tax liability
Inoons tax
Declared ralue excess—profits tax
Excess profits tax jj
Dividends paid' in cash and assets
other than eon stock
Returns with net inocnet %/
lanber
Total cospiled receipts 11/
Net incone gj
Total tax liability
Incane tax
Declared rains excess-profits tax
Excess profits tax 1/
Dividends paid in cash and assets
other than c m stock
Returns with no net Incone i gj
Noaber
Total conplled receipts 11/
Deficit y
Dividends paid in cash and assets
other than own stock
Returns of inactive 'corporations»
Noaber
420,5a
412,471
468,906
478,857
477,111
142,445,579
152,722,602
7,555,991
7,526,218
1,276,172
1,191,578
52/1,232,857 35/1,169,765
21,615
45,555
7,514,017
7,579,555
114,649,717
1,695,950
755,123
710,156
31/24,969
5,940,620
205,161
169,884
192,028
80,267,477
109,202,759
105,001,695
9,654,857
9,478,241
6,525,979
859,566
1,191,578
1,276,172
£1/855,578 Jg/1,252,857 £3/1,16»# 765
21,615
5,988
45,555
—
•
7,179,220
4,780,202
7,508,774
164,251
77,658,952
5,164,72!
755,12!
710,156
31/24,969
4,651,002
475,042
469,617
471,052
217,680,512
190,452,017
148,256,787
25,051,611
16,552,542
8,919,429
12,256,596
7,167,902
2,548,546
26/4,557,728 £2/5,744,568 29/2.144.292
40/50,744
66,854
64,149
7,851,814
5,559,186
575,511
5,607,085
6,700,787
6,088,781
152,878,224
6,754,565
1,252,256
1,216,450
15,806
120,455,946
5,672,882
859,566
,51/853,578
5,988
442,665
252,048,889
26,298,795
14,884,548
4/4,555,956
98,812
10,429,780
6,049,772
249,772,495
27,819,244
15,925,582
4/4,479,166
154,954
11,291,485
5,727,676
288,908
242,811,502
27,118,055
14,884,548
4/4,555,956
98,812
10,429,780
5,961,255
269,942
264,628
220,977
285,755
175,181,820
125,180,472
206,160,215
240,856,898
28,717,966
11,205,224
24,052,558
18,111,095
12,256,596
7,167,902
2,548,546
15,925,582
4/4,479,166 £6/4,557,728 42/5, 744,568 £9/2,144,292
66,854
50/50.744
154,954
64,149
5,559,186
U , 291,485
7,851,814
575,511
5,490,167
6,518,177
5,888,525
5,651,025
-
5,746,759
199,479
105,658,558
8,826,715
1,252,256
1,216,450
15,806
•—
5,562,275
-
5,015,455
477,858
125,565
9,257,587
819,260
88,517
156,786
8,915,595
898,722
96,655
172,725
11,520,297
1,000,746
116,918
204,278
15,250,197
1,778,555
182,610
252,065
25,056,516
2,285,795
200,457
270,158
27,219,886
2,092,148
184,466
501,148
40,186,469
2,855,098
255,251
285,810
55,240,640
2,280,846
205,245
275,696
27,710,909
2,152,024
200,112
512,882
57,000,765
5,468,774
1,289,618
54,529
55,575
57,012
40,160
45,741
46,545
49,469
51,259
51,922
56,518
«>
-
•
-
»
Excess profits tax returns
Taxable exeesa profits tax raturas t
Nunber
Excèss profits net inoene
Adjusted excess profits net incens §/
Excess profits tax
55,888
68,202
54,002
42,412
15,440
4/^0,458,071 4/22,506,885 4/17,084,570 £8/12,072,516 £4/2,997,957
911,605
1/12,955,185
10,494,667
6,554,864
14,552,878
-
a»
«ty-
—
—
.-
(See lins 15 above)
Vor footnotes, see pp. 17-18.
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- 17 Footnotes for tables in this release
iZ The information contained in this release is compiled from the returns as
filed, prior to revisions that may be made as a result of audit ty the Bureau of
Internal Revenue. Data shown for the years 1940 through 1944 are likewise prior to
any changes resulting from carry-backs, relief granted under section 722 of the
Internal Revenue Code, recomputation of amortization of emergency facilities or
from the renegotiation of war contracts, after the returns were filed. The effect
of renegotiation settlements reached after the returns were if) ed is to be shown in
special tabulations which will-appear in the complete reports, "Statistics of Income
Part 2," for each of the years 1942 through 1944,
%/ "Net income" or "Deficit" for 1944 is the amount reported for deolared
value excess-profits tax computation, adjusted by excluding net operating loss
deduction and adding Government interest subject to surtax only and excess of net
long-term capital gain over net short-term capital loss; for 1940-45 is the amount
reported for declared value excess-profits tax computation adjusted by excluding
net operating loss deduction} for 1936-39 is the amount reported for (declared
value) excess-profits tax computation and is the difference between "Total
income" and "Total deductions"} for 1935 is the amount reported for income tax
computation. Net income or deficit as here defined is the basis for classi
fication of the returns by those with net income and those with no net income
for all years except 1956 when the classification was based on the net'income
for income tax computation which is less than the net income for (declared
profits^ax!S-Pr0fitS tax'comPutation by the amount of the (declared value) excess3/ "Income tax" consists of normal tax, surtax, and alternative tax
reported in lieu of normal tax and surtax where the income includes an ex
cess of net long-term capital gain over net short-term capital loss, if and
only if such tax is less than the normal tax and surtax. Tabulated with the
income tax for returns with net income is a small amount of tax reported
on returns with no net Income, under the special provisions applicable to
certain mutual insurance companies, other than life or marine. Also for
1943, tabulated with the income tax for returns with net income is a’small
amount of surtax reported on returns with no net income, where receipts for
the taxable year include interest on obligations of certain instrumentalities
of the United States, described in note 19*
4/ Thé excess ^profits tax shown is that imposed by section 710 of the
Internal Revenue Code as amended and should not be confused with the declared
value excess-profits tax. For 1942-44 the amount, shown is the excess profits
tax liability reported on corporation excess profits tax returns, less the
credit for debt retirement and the net post-war'refund,'except that in table 3
the amount of tax before such credits is also shown. Throughout this release,
the amounts for 1943 and 1944 are before the amount deferred under section
710(a)(5) (relating to abnormalities under section 722) and after any adjust
ments reported on the returns under other relief provisions.
*
Ibe amount for 1941, shown in table 4, is the excess prdfits tax deduc
tion (item 35, page' 1, Form 1120, for 1941) allowed in the computation of
normal-tax,net-income, except that for fiscal years beginning in 1940, with
the greater part of the accounting period in 1941, there is tabulated the
amount of excess profits tax liability (item 32, page 1, Form 1121 for 1940).
The amount for 1940, shown in table 4, is tabulated from corporation
excess profits tax returns for the calendar year 1940 and for fiscal years
beginning in 1940 with the greater part of the accounting period in 1940
(item 32, page 1, Form 1121). The excess profits tax provisions apply only
to taxable years beginning after December 31, 1939.
5/ The excess profits ne.t income is obtained from the normal-tax net
income (computed without allowance of credit for income subject to excess
profits tax and without allowance of dividends received credit) by.making
certain adjustments, consisting principally of theexclusion of long-term
capital gains and losses, and dividends received from domestic corporations,
The adjusted excess profits net income or deficit, as reported on Form 1121
13 the excess profits net income less the sum of the specific exemption,
excess profits credit, and unused excess profits credit adjustment. For
part year returns, the amounts of excess profits net income and adjusted ex
cess profits net Income have been placed on an annual basis.
J/
1 / The total amount of adjusted excess profits net income does not
include the amount of deficit on the taxable excess profits tax returns
"ith no adjusted excess profits net income. See note 24.
8/ The. industrial classification is based on the business activity
reported on the return. Vhen multiple businesses are reported on a return,
the classification is determined by the business activity which accounts
for the largest percentage of total receipts. Therefore, the industrial
groups do not reflect pure industry classifications.
9/ Total number of returns includes returns of Inactive corporations.
10/ "Number of subsidiaries" is the number of affiliated corporations
"nioh together with the common parent corporation file a consolidated
corporation income tax return*
1 1 / »Total compiled receipts* consists of gross sales (less returns and
allowances), gross receipts from operations (where inventories are not an
ncome-determining factor), all interest received on Government obligations
uess amortizable bond premium), other interest, rents and royalties, net
a^
6ain, net gain from sale or exchange of property other than capital
•Tot i* ^^v^ enc^si an<* other receipts required to be included in gross income,
otai compiled receipts* excludes nontaxable income other than tax-exempt
©rest received on certain Government obligations.
i "Adjusted excess profits net income," allowed as a credit on Form
computing normal tax and surtax net income for taxable years begin- *
er Dece®oer 31, 1941, is, in general, equal to the adjusted excess
, • 8 /^t incóme, as reported on Form 1121* However, in,case the excess
Í* determined as provided in section 721 ofth'é Internal Revenue
/
luting to abnormalities in income in the taxable period), aeotion 726
1936*) ^
corPora^l°na completing contracts under the Merchant Marine Act of
al ) * #eo^l°n 731 ( relating to corporations engaged in mining strategic miner- .J » or section T36(bJ (relating to corporations with income from long-term con1120
fife?
tracts), the credit reported on Form 1120 for adjusted excess profits net
income is the amount of which the excess profits tax is 95 percent. For the
purpose of computing such credit, the excess profits tax used is the tax com
puted without regard to the limitation provided in section 710(a)(1)(B)
(the 80 percent limitation), without regard to the credit provided in
section 729(c) and (d) for foreign taxes paid, and without regard to the
adjustments provided in section 734 in case of position, inconsistent with
prior income tax liability.
13/ The industrial classification designated "Investment trusts ltv^
investment companies■ consists of corporations which derived 90 percent
or more of receipts from investments and which at no time during the
taxable year had Investments in corporations in which they owned 50 percent
or more of thePvoting stock.
14/ The industrial classification designated "Other investment companies,
including holding companies* consists of (1 ) corporations which derived
90 percent- or more of receipts from Investments and which at some time
during the taxable year had investments in corporations in which they owned
50 percent or more of the voting stock, and (2) corporations which derived
less than 90 percent but more than 50 percent of receipts from investments.
15/ Less than f500.
16/ "Dividends, domestic corporations" consists of dividends received
from domestic corporations subject to income taxation under chapter 1 of
the Internal Revenue Code. This item is reported in column 2, schedule E,
page 3, Form 1120, and is the amount used for computation of the dividends
received credit.
17/ "Interest received on Government obligations, wholly taxable"
consists of Interest on Treasury notes issued on or after December 1,
1940, and obligations issued on or after March 1, 1941, by the United
States or any agency or'instrumentality thereof, reported as item 9(b),
page 1, Form 1120.
18/ "Interest received on Government obligations, subject to de,dared value excess-profits tax and surtax* consists of interest on
United States savings bonds and Treasury bonds owned in principal amount of
over $5,000 issued prior to March 1, 1941, reported as item 9(a)* page 1.
Form 1120*
^
9 ■^
19/ "Interest received on Government obligations, subject to surtax
only* consists of interest on obligations of instrumentalities of the
United States (other than obligations of Federal land banks, joint stock
land banks, and Federal intermediate credit banks) issued prior to
March 1, 1941, reported as item 32, page 1, Form 1120.
20/ "Interest received on Government obligations, wholly tax-exempt*
consists of interest on obligations of States, Territories, or political
subdivisions thereof, the District of Columbia, and United States
possessions; obligations of the United States issued on or before
September 1, 1917; aj.1 postal savings bonds; Treasury notes issued prior
to December 1, 1940; Treasury bills issued prior to March 1, 1941;
United States savings bonds and Treasury bonds owned in principal amount
of $5,000 or less issued prior to March 1, 1941; and obligations issued
prior to March 1, 1941, by Federal land banks, joint stock land banks, and
,Federal intermediate credit banks* Interest from such sources is reported
under item 15(a) of schedule M, page 4, Form 1120*
21/ The excess profits credit is a deduction from the excess profits
net income and is computed by one or the other of the following methods?
(a) Under section 713 of the Internal Revenue Code the credit is
based on income, and for domestic corporations is 95 percent of the average
base period net income plus 8 percent of net capital addition or minus
6 percent of net capital reduction; for foreign corporations this credit
is 95 percent of the average base period net income* The method based on
income permits the base period net income to be determined on either a
general average basis or on increased earnings in the last half of the
base period. The base period, in general, begins after December 31, 1935,
and ends with the close of the last taxable year beginning before
January 1, 1940*•
(b) Under section 714 the credit is based» on invested capital, and,
for returns(with taxable year beginning in 1942 or 19j£3, the percentage
of invested capital allowed as a credit is as follows: First $5,000,OCX),
8 percent; next $5,000,000, 7 percent; next $190,000,000, 6 percent; and
over $200,OCX),000, 5 percent; for returns with taxable year beginning in
1944, the percentage of invested capital allowed as a credit is aC follows:
First $5,000,000, 8 percent; next $5,000,000, 6 percent; next $190,000,000,
5 percent; and over $200,000,000, 5.percent. (This change affects certain
returns, included in the tabulations of this release, as explained in
"Returns Included,* page 3.)
The "Unused excess profits credit adjustment" is not included in the
amount of excess profits credit shown.in table 3 but is taken into account
in arriving at the adjusted excess profits net income, as explained in
note 6 *
22/ For taxable years beginning after December 31, 1943, the Tax
Adjustment Act of 1945 amends the law by providing an allowance of a current
credit of 10 percent against the excess profits tax in lieu of the post
war refund (explained in the following note) and the credit for debt re
tirement (explained in the next paragraph). However the majority of the
returns for 1944 were filed previous to July 31, 1945, the date of the
Tax Adjustment Act of 1945, and accordingly show post-war refund and credit
for debt retirement as in 1942 and 1943.
Beginning 1942, at the ejection of the taxpayer, a credit for debt retirement is allowed against the excess profits tax. This credit is limited to
the lesser of (1 ) 10 percent, of the excess profits tax or (2 ) 40 percent
of the net debt reduction for the year. To measure the net debt reduction,
the indebtedness as of the dose of the taxable year is compared with the
indebtedness as of September 1, 1942, or, if the taxable year begins after
this date, with the anallest amount of indebtedness during the period
beginning September 1, 1942, and ending with the close of the preceding
taxable year. No credit for debt retirement is allowed for taxable years
beginning in 1941, or ending before September 1, 1942« ■
-
18
-
Footnote« for table« in this release - Continued
25/ For taxable years beginning after December 31, 1941, and not
beginning after December 51, 1945, the lav provides a post-war refund
of an amount equal to 10 percent of the excess profits tax for each
taxable year. The amount due the taxpayer la represented by non-interestbearing nonnegotiable bonds redeemable after January 1, 1946. However,
part or all of such credit is available currently for debt retirement as
explained In note 22 .
For taxable years beginning in 1941 and ending after June 30, 1942,
the Revenue Act of 1945 limits the post-war refund to 10 percent of the
prorated tentative tax confuted under the 1942 lav. However, the re
turns for such taxable years are filed previous to February 29, 1944,
the date of the 1945 Act, and accordingly show post-war refunds com
puted under the Revenue Act of 1942 which, in such cases, provided
for a smaller amount of refund, equal to 10 percent of the excess of
the actual tax liability over the tentative tax computed under the
1941 lav.
24/ The taxable excess profits tax returns with no adjusted excess
profits net lnoome consist of returns for fiscal or part years beginning
in 1945 and ending In 1944. Returns for such periods are taxable If
they show an adjusted excess profits net income under the provisions
applicable to 1945, even though they nay show no adjusted excess profits
net Income under the provisions applicable to 1944. See paragraph (5),
page S.
25/ Preliminary figures.
26/ "Income tax" for 1942 consists of normal tax, surtax, and for
taxable years beginning after December 31, 1941, alternative tax reported
in lieu of normal tax and surtax where the income includes an excess of
net long-term capital gain over net short-term capital loss, if and
only if such tax is less than the normal tax and surtax. Tabulated with
the income tax for returns with net income is a small amount _gf.tax.
.«ported on returns with no net income, under the special provisions ap
plicable to certain mutual insurance companies, other than life or marine,
or where receipts for the taxable year Include interest on obligations
of certain lnstnsnentalities of the United States, described in not« 1 9 .
27/ "Income tax" for 1941 consists of income and income defense
taxes reported on returns for a fiscal year ending in the period July
through November 1941 (and on returns for a part year beginning in 1940
and ending in 1941, the greater part of the accounting period falling
in 1941); and normal tax and surtax reported on returns for the calendar
year 1941 and on returns for a fiscal year ending in the period January
through June 1942 (and on returns for a part year beginning and ending
in 1941, and for a part year beginning in 1941 and ending in 1942,
the greater part of the accounting period falling in 1941). Tabulated
with the income tax for returns with net income is a small amount of
surtax reported on returns with no net income, where receipts for the
taxable year include interest on obligations of certain instrumentalities
of the United States, described in note 19.
26/ The excess profits net income for returns with taxable year beginning
in 1940 is obtained, from the normal-tax net income by making certain adjustments,
consisting principally of the deduction of income and lnoome defens« taxes for
the taxable year, and the exclusion Sf (1) dividends received from donestie
corporations (this adjustment refers to that portion of dividends not deducted
as dividends received credit in computing normal-tax net income), and (2 )
gains or losses from sale or exchange of capital assets (depreciable or
nondepreciable) held for more than 18 months. For returns with taxable years
beginning in 1941, the income tax is not deducted in arriving at excess
profits net income, instead, the excess profits tax is allowed as a deduction
in the computation of normal-tax net income. (The starting point in the
computation of excess profits net income for 1941 remains the normal-tax net
income computed without deduction of excess profits tax.)
29/ Income tax shown for 1940 includes income defense tax.
50/ Declared value excess-proflte tax shown for 1940 includes declared
value excess-profits defense tax reported on returns for a fiscal year
ending in period July 1, 1940, through June 50, 1941.
31/ Income tax shown for'1958 consists of $41,569,498 normal tax and
47,778,561’surtax'on undistributed profits reported on returns for a fiscal
year ending in period July through November 1938 (and on returns-for a part
year beginning in 1957 and ending in 1938, the greater part of the accounting
period falling in 1938), and $804,230,054 income tax reported on returns
for the calendar year 1938 and on returns with a fiscal year ending in period
January through June 1959 (and on returns for a part year beginning and ending
in 1938, and for a part year beginning in 1958 and ending in 1959, the greater
part of the accounting period falling in 1958).
52/ Income tax shown for 1957 comsists of $1,056,959,166 normal tax and
$175,897,696 surtax on undistributed profits,
55/ Income tax shown for 1936 consists of $59,289,827 income tax reported
on returns with fiscal year ending in period July through November 1956 (and
on returns for a part year beginning in 1955 and ending in 1956, the greater
part of the accounting period falling in 1956), and $965,505,111 normal tax
and $144,972,284 surtax on undistributed profits reported on returns for the
calendar year 1956 and on returns with fiscal year ending in period January
through June 1937 (and on returns for a part year beginning and ending in
1956, and for a part year beginning in 1956 and ending in 1957, the greater
part of the accounting period falling in 1936).
34/ The (declared value.) excess-profits tax shown for 1935 includes a
small amount of (declared value) excess-profits tax which appears on returns
with no net income for income tax purposes because the credit for interest
received on certain obligations of the United States and its instrumentalities,
which was allowed against net income in the computation of the Income tax,
was not allowed against net income in the computation of the (declared value)
excess-profits tax.
35/ The net operating loss deduction tabulated herein is the amount originally
reported, consisting only of the net operating loss carry-over reduced hy certain
adjustments, and does not take into account whatever revisions may subsequently
be made as the result of any carry-baqk of net operating loss from the two
succeeding tax years. In general, the net operating loss carry-over loathe sum
of the net operating losses, if any, for the two preceding taxable years. If
there is net income in the first preceding taxable year, the net operating
loss for the second preceding taxable year is reduced to the extent such loss
has been absorbed by such net income.
/
TREASURY DEPARTMENT
Washington
P R O P O S E D P R E S S R E L E A S E F O R A. M.
N E W S P A P E R S , T H U RSDAY, M A R C H 20
_
2- 7 G
Secretary Snyder today reminded prospective candidates
f o r a d m i s s i o n to the C o a s t G u a r d A c a d e m y that a p p l i c a t i o n s
to take e x a m i n a t i o n s m u s t he m a d e b e f o r e A p r i l
tions
should be a d d r e s s e d to the C o m m a ndant,
Guar d , W a s h i n g t o n ,
D.
U.
1.
Applica
S. Coast
C.
N a t i o n w i d e annu a l c o m p e t i t i v e e x a m i n a t i o n s for
e n t r a n c e to the A c a d e m y will be h e l d M a y 7 an d 8 .
S t ates c i t i z e n s in g o o d health,
are h i g h school g r a d u a t e s ,
United
17 to 22 y e a r s old,
who
are eligible.
Of the G o v e r n m e n t ’s service a c a d emies,
the C o ast G u a r d
A c a d e m y is the o n l y one to w h i c h a p p o i n t m e n t s are m a d e
on a
s t r i c t l y c o m p e t i t i v e basis.
I n c a l l i n g a t t e n t i o n to the a p p r o a c h i n g d e a d l i n e for
applications,
S e c r e t a r y Snyder
said:
”1 s h o u l d like to take this o p p o r t u n i t y to b r i n g to
the a t t e n t i o n of y o u n g A m e r i c a n s
the
splendid education
a n d c a reer o p p o r t u n i t i e s that a t t e n d a p p o i n t m e n t s to
c a d e t s h i p s in the U n i t e d S t ates C o ast G u a r d . "
T he A c a d e m y is l o c a t e d at N e w London,
oOo
Conn e c t i c u t .
TREASURY DEPARTMENT
Washington
FOR R E L E A S E , MORNING NEWSPAPERS
T h u rsday, M a r c h 20, 1947
P r ess S e r v i c e
No. S-276
S e c r e t a r y S n yder t o d a y r e m i n d e d p r o s p e c t i v e c a n d i d a t e s
f o r a d m i s s i o n to the Coast G u a r d A c a d e m y that a p p l i c a t i o n s
to take e x a m i n a t i o n s m u s t he m a d e b e f o r e A p r i l
tions
should
1*
be a d d r e s s e d to the C o m m a n d a n t , U.
Guard, W a s h i n g t o n , D,
Applica
S, Coast
C.
N a t i o n w i d e annual c o m p e t i t i v e e x a m i n a t i o n s f or
e n t r a n c e to the A c a d e m y will be h e l d M a y 7 a nd 8 ,
States
cit i z e n s in g o o d health,
are h i g h school g raduates,
United
17 to 22 y e a r s old, w ho
are eligible.
Of the G o v e r n m e n t ’s service a c a d emies,
the Coast G u a r d
A c a d e m y is the o n l y one to w h i c h a p p o i n t m e n t s are m a d e on a
s t r i c t l y c o m p e t i t i v e basis*
In c a l l i n g a t t e n t i o n to the a p p r o a c h i n g d e a d l i n e for
a p p l i c a t i o n s , S e c r e t a r y Snyd e r said:
"I should like to take this o p p o r t u n i t y to b r i n g to
the a t t e n t i o n of y o u n g A m e r i c a n s
the s p l e n d i d e d u c a t i o n
a nd c a reer o p p o r t u n i t i e s that a t t e n d a p p o i n t m e n t s to
c a d e t s h i p s in the U n i t e d S t a t e s Coast Guard,'!
The A c a d e m y is l o c a t e d at N e w London,
oOo
Connecticut,
the benefits of a widespread
distribution of the debt and the
•• • '
1
. |
•k'
~-1 .; i ».|. ..f ¡2_
fact that savings bond money is used
to help refinance the debt rather
than to increase it.
We need your cooperation and
assistance more than ever.
With the
help of the bankers of this country,
and of the businessmen running the
payroI I Savings Plan, we wi II do an
outstanding job in the Savings
Bond Program.
appreciate your he ip in the Savings
Bona work, ana your attendance at
the meet!ngs today.
i hope you
will bend every effort to assist
in the new Bona-a-Month Plan.
It
will help too if you will explain
to people the need ana importance
of the Savings Bond Program.
It
is not always understood why savings
bona ownership should be increased
even though the debt is being
reduced.
I hope you will illustrate
The public debt is a grim
realjty.
Its management is a
vital matter that affects all of us.
The whole future of the banking
system is bound up in its successful
management.
Two-thirds of the
earning assets of commercial banks
today consist of Government
securities.
We must a I I collaborate
to achieve proper debt management.
in closing may I say again
how much we in the Treasury
period.
I am thinking particularly
of the small business man ana his
employees, of professional and
other self-employed persons, of men
ana women with recurring income for
investments, and of farmers with
s
steady/Income.
The new plan will
supplement the Payroll Plan which,
I am happy to say, is still most
successful in many of the firms
:t\i\’
which adopted it during the war per
a cara authorizing his bank to deduct
funds for the purchase of one or more
bonds a month.
i believe that this new plan
wi II materially add to the success of
the Savings Bond Program.
It will
strengthen the effort to reach the
community and farm market.
These
important groups of our population
are not now being covered as well
as they were during the war loan
- IT -
has always looked to the banks for
a major part of this endeavor.
And
the banks have always turned in a
fine job.
So it is natural that the
Treasury should call again on the
banks at this time.
This morning you heard about the
program we have for setting up the
new Bond-a-Month Plan in the banks.
Under this method, a depositor with
a checking account would merely sign
at any price.
And I am sure
that the results from a highly
centralized effort would not have
compared with the achievements of our
volunteer organization.
The same thing is true today.
The Treasury staff is essentially
a service group to help organize
and keep the Savings Bond Program
revitalized.
The bulk of the work
must be done locally.
The Treasury
-
15 -
Treasury staff for savings bonas
was only a nucleus.
It was the
State War Finance committees, the
County committees, and alI of the
other local committees which
succeeded in organizing millions
of volunteers to do the job.
It
would have been impossible to hire
this huge staff.
Not only would
the cost have been prohibitive, but
we couldn’t have hired many of the
-
14
-
A'.:':'
par t ic ipa t ion is one of tne
*
♦
of democracy -- participat »on in
elections, par t icipation
the Government,
paying taxes,
in running
p a r t icipat ion
#
in
«
and participation
in
sharing the public debt.
One of the underlying reasons
for the success of the Savings
Bond Program has been the effective
character of the sales force.
Even
in the war loan days the central
holdings by Individuals -- they
are a demonstration of the American
public demand for sound financial
protect ion.
Judicious ownership of the
public debt requires a wide
d istr ibut ion.
Such a policy
contributes to sound government and
to a healthy economic and financial
structure.
In fact, it contributes
to democracy itself, in that
-
1 2
-
record evidences the extent of public
confidence in the savings bond
as a regular ¡weans of investment.
t
In all, individual ownership
totaled nearly $65 billion of Federal
securities as compared with about
$10 billion at the start of the
£ bond program.
Never before nave
so many millions of individuals
owned bonds directly.
And
these facts reveal more than
a cnange in the size of security
On net balance, sales of all
series exceeded redemptions by
almost $1 billion in the first
seventy-two days of this year, or
about twice the amount of last year.
For E bonds alone the record is
even better; sales this year have
exceeded redemptions by more than
$300 million, while Iast year sales
fell short of matching redemptions
by more than $100 million.
This
-
1
0
-
Victory Loan sales In the first
few days of January.
Sales of E
bonds are about the same In both
years, but are up substantially if
adjustment Is made for the Victory
Loan spI I lover.
E bonds are down
Redemptions of
In the first
seventy-two days of this year, while
redemptions of all series are
reduced by
increased by almost
10$.
This is
aue to tne fact that while sales
have held up remarkably well,
redemptions have been declining.
first seventy-two days
show a remarkable
improvement
in the savings bond situation as
compared with the same period
year.
last
Sales of all series are up
about $150 million notwithstanding
the fact that
last y e a r ’s figures
included some $ 50.0 million of
bona redemptions or in the
Government bond market.
It is encouraging to see the
volume of savings bond investments
steadily rising.
I do not believe
many would have forecast on V-J Day
that there would be more savings
bonds outstanding in the spring of
1947 than at that time.
Yet in
the intervening period, the volume
of savings bonds outstanding has
his Federal securities,
have
protected the holders of savings bonds
from market fluctuations.
In this way
we have not only helped the savings
bond holder -- we have at the same
time protected the stability of the
bond market by eliminating the
danger of panic unloading in this
sphere.
A noteworthy fact is that the
stock market decline last year had no
serious repercussions either in savings
...
.
■
/
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The Treasury foI lows the policy
of fitting securities to the needs
of the various investor classes.
It is my opinion that this policy
substantially reduces the problems
of managing the debt.
Savings bonds provide a very
good example of this procedure.
Ihey are designed to take care
of the inexper ienceo investor and
to eliminate all market risks from
5
the management of our debt lies in
the ownership
securities.
isiribut ion of
a
In round numbers,
this ownership is split three ways:
about one-fourth is owned by
individuals; about three-e igntns /.
is owned by other nonbank investors,
incIuding. such groups as insurance
companies, nonfinancial corporations
ana associations; and about
three-eighths is owned by commercial
banks and Federal Reserve Banks.
i:
e need not be overwhelmed by
its magni tudey but neither can we
prudently underestimate its far
reaching effect upon the national
economy,
rte cannot adopt the ostrich
policy of ignoring problems because
tney are difficult.
The size of the
debt emphasizes the importance of its
proper management, and we must be
constantly alert that this debt
management is fashioned to current
economic conditions#
Th6 k6y to
5
The public debt Is now a little
below $260 billion.
This is about
five times the size of the debt when
the Series E Savings Bond Program
was inaugurated in May of 1941.
The Federal debt today is greater
than the combined amount of alI
other indebtedness in the United
States.
it follows that the public
debt is an economic problem of
prime import to every one of us.
~ c
-
The American Bankers
Association State Savings Bond
v
Committee Chairmen have played a
most important part in our promotional
activities.
The Treasury is grateful
for your cooperation.
tie
are also
fortunate to have with us today the
Presidents ana Secretaries of most
of tne State Bankers Associations.
To a I I of you I extend a cordial
greeting from tne Treasury.
An Address by the Secretary of the Treasury
Prepared for Delivery at the Luncheon
of the United States Savings Bond
Conference
March 1 9 , 1947
I should like to preface my
remarks with an expression of
appreciation to all of you for
coming here to Washington for these
meetings.
Many of you are veterans
of the wartime Savings Bond campaign
and your continued interest in the
savings program is cause for much
TREASURY DEPARTMENT
Washington
(The following address by Secretary Snyder at a luncheon
meeting of the United States Savings Bond Conference at
the Statler Hotel is scheduled for delivery at l.SQ P.M.
E.S,*I.. Wednesday. March iq f 1QA7, and Is for rielaasa at.
that tlma.l
TREASURY DEPARTMENT
m
Washington
(The f o l l o w i n g a d d r e s s b y S e c r e t a r y Snyd e r
at a l u n c h e o n m e e t i n g of the U n i t e d States
Sa v i n g s B o n d C o n f e r e n c e at the S t a t l e r H o tel
is s c h e d u l e d f o r d e l i v e r y at 1 : 3 0 P . M « , E . S . T . ,
W e d n e s d a y , M a r c h 19, 19^7, a n d is for r e l e a s e
at that t i m e .)'
I should like to p r e f a c e m y r e m a r k s w i t h an e x p r e s s i o n ;
of a p p r e c i a t i o n to all of y o u < f o r coming her e to W a s h i n g t o n
for these m e e t i n g s .
M a n y of y o u are v e t e r a n s of the w a r t i m e
S a v i n g s B o n d campaign, a n d y o u r c o n t i n u e d i n t e r e s t in the
savings p r o g r a m is cause f o r ijiuch g r a t i f i c a t i o n .
T h e A m e r i c a n B a n k e r s A s s o c i a t i o n State S a v i n g s B o n d
C o m m i t t e e C h a i r m e n h a v e p l a y e d a m o s t i m p o r t a n t part in our
p r o m o t i o n a l a c t i v ities.
T h e T r e a s u r y is g r a t e f u l for y o u r
cooperation.
W e are a lso f o r t u n a t e to h a v e w i t h us t o d a y the
P r e s i d e n t s a n d S e c r e t a r i e s of m o s t of the State B a n k e r s A s s o
ciations.
T o all of y o u I e x t e n d a cordial g r e e t i n g f r o m the
Treasury.
T he p u b l i c debt is n o w a little b e l o w $ 2 6 0 billion. T h i s
is about five times the size of the debt w h e n the Series E
S a v i n g s B o n d P r o g r a m was i n a u g u r a t e d in M a y of 19^1.
The
F e d e r a l debt t o d a y is g r e a t e r tha n the c o m b i n e d a m o u n t of all
o t h e r i n d e b t e d n e s s in the U n i t e d States.
It f o l l o w s that the
p u b l i c debt is an economic p r o b l e m of p r ime import to e v e r y
one of us.
W e n e e d n ot be o v e r w h e l m e d by its m a g n i t u d e , b ut n e i t h e r
can we p r u d e n t l y u n d e r e s t i m a t e its f a r r e a c h i n g e f f e c t u p o n
the n a t i o n a l economy.
W e cannot a d opt the o s t r i c h p o l i c y of
i g n o r i n g p r o b l e m s b e c a u s e t h e y are d i f f icult.
T h e size of the
debt e m p h a s i z e s the i m p o r t a n c e of its p r o p e r m a n a g e m e n t , and
we m u s t be c o n s t a n t l y a l ert that this debt m a n a g e m e n t is
f a s h i o n e d to current e c o n o m i c conditions.
T h e k e y to the
m a n a g e m e n t of our debt lies in the o w n e r s h i p d i s t r i b u t i o n of
its securities.
I n r o u n d numbers, thi s o w n e r s h i p is split
three ways:
about o n e - f o u r t h is o w ned b y i ndividuals; about
thre e - e i g h t h s is o w n e d b y o t her n o n b a n k i n v e stors, i n c l u d i n g
such g r o u p s as i n s u r a n c e companies, n o n f i n a n c i a l c o r p o r a t i o n s
a n d a s s o c i a t i o n s ; a n d a b o u t t h r e e - e i g h t h s is o w n e d b y c o m m e r
cial b a n k s a n d F e d e r a l R e s e r v e Banks,
S-277
2
T he T r e a s u r y f o l l o w s the p o l i c y of f i t t i n g sec u r i t i e s to
the n e e d s of the va r i o u s i n v e s t o r classes.
It is m y o p i n i o n
that this p o l i c y s u b s t a n t i a l l y r e d u c e s the p r o b l e m s of m a n a g
ing the debt,
.
Sa v i n g s b o n d s p r o v i d e a 'very g ood e x a m p l e of this p r o c e
dure.
T h e y are d e s i g n e d to take care of the i n e x p e r i e n c e d
i n v e s t o r a nd to e l i m i n a t e all m a r k e t r i s k s f r o m hi s F e d e r a l
securities.
W e have p r o t e c t e d the h o l d e r s of savings b o n d s
f r o m m a r k e t fluctu a t i o n s ,
i n this w a y we hav e not o n l y
h e l p e d the savings b o n d h o l d e r - we hav e at the same time p r o
t e c t e d the s t a b i l i t y of the b o n d m a r k e t b y e l i m i n a t i n g the
d a n g e r of p a nic u n l o a d i n g in this sphere,
A n o t e w o r t h y fact
is that the stock m a r k e t de c l i n e last y e a r had n o serious r e
p e r c u s s i o n s either in savings bond r e d e m p t i o n s or in the
Government bond m a r k e t .
It is e n c o u r a g i n g to see the volume of savings bond
i n v e s t m e n t s st e a d i l y rising.
I do n ot b e l i e v e m a n y w o uld
h a v e f o r e c a s t on V - J D a y that there w o u l d be m o r e savings
b o n d s o u t s t a n d i n g in the spring of 19^7 than at that time,
Y e t in the i n t e r v e n i n g period, the v o l u m e of savings b o n d s
o u t s t a n d i n g h as inc r e a s e d b y a l m o s t 10$.
Thi s is due to the
fac t that while sales h a v e h e l d up r e m a r k a b l y well, r e d e m p
tions h ave b e e n declining.
The f i r s t s e v e n t y - t w o days of 19^7 show a r e m a r k a b l e
i m p r o v e m e n t in the savings bond s i t u a t i o n as c o m pared w i t h
the same p e r i o d last yea.r.
Sales of all series are up a b o u t
$ 1 5 0 m i l l i o n n o t w i t h s t a n d i n g the f act that last y e a r ' s f i g u r e s
i n c l u d e d some $ 3 0 0 m i l l i o n of V i c t o r y L o a n sales in the f i r s t
f e w days of January.
Sales of E b o n d s are about the same in
b o t h years, but are up s u b s t a n t i a l l y if a d j u s t m e n t is m a d e f o r
the V i c t o r y L o a n spillover.
R e d e m p t i o n s of E b o n d s are d o w n
39$ in the f i rst s e v e n t y - t w o days of this year, w h i l e r e d e m p
tions of all series are r e d u c e d by 26$.
On n et balance, sales of all series e x c e e d e d r e d e m p t i o n s
b y a l m o s t $1 b i l l i o n in the f i rst s e v e n t y - t w o days of this y e a r ,
or about twice the a m o u n t of last year.
F o r S b o n d s a l one t h e
r e c o r d is e v e n better; sales this yea r h ave e x c e e d e d r e d e m p t i o n s
b y m o r e t han $300 m i l lion, while last yea r sales fell short o f
m a t c h i n g r e d e m p t i o n s b y m o r e tha n $ 1 0 0 m i l l i o n .
T h i s record
e v i d e n c e s the e x tent of p u b l i c c o n f i d e n c e in the savings b o n d
as a r e g u l a r m e a n s of investment.
3
In all, ind i v i d u a l o w n e r s h i p t o t a l e d n e a r l y $65 b i l l i o n
of F e d e r a l sec u r i t i e s as c o m p a r e d w i t h a b out $10 b i l l i o n at
the start of the E bond p r o gram.
N e v e r b e f o r e h a v e so m a n y
m i l l i o n s of i n d i v i d u a l s o w n e d b o n d s directly.
A n d these facts
r e v e a l m o r e than a change In the size of s e c u r i t y h o l d i n g s b y
i n d i v i d u a l s - the y are a d e m o n s t r a t i o n of the A m e r i c a n p u blic
d e m a n d f o r sound f i n a n c i a l p r o t ection.
J u d i c i o u s o w n e r s h i p of the p u b l i c debt r e q u i r e s a wid e
distribution.
S u c h a p o l i c y c o n t r i b u t e s to sound g o v e r n m e n t
a nd to a h e a l t h y e c o n o m i c a n d f i n a n c i a l structure.
In fact,
it c o n t r i b u t e s to d e m o c r a c y itself, in that p a r t i c i p a t i o n is
one of the k e y n o t e s of d e m o c r a c y * p a r t i c i p a t i o n in e l e c tions,
p a r t i c i p a t i o n In r u n n i n g the G o v e r n m e n t , p a r t i c i p a t i o n in
p a y i n g taxes, and p a r t i c i p a t i o n in sharing the p u b l i c debt.
One of the u n d e r l y i n g r e a s o n s f or the success of the
S a v i n g s B o n d P r o g r a m has b e e n the e f f e c t i v e c h a r a c t e r of the
sales force.
E v e n in the war l oan day s the c e n tral T r e a s u r y
staff f o r savings b o n d s was o nly a n u c l e u s .
It was the
State W a r F i n a n c e committees, the C o u n t y comm i t t e e s , a nd all
of the other local c o m m i t t e e s w h i c h s u c c e e d e d in o r g a n i z i n g
m i l l i o n s of v o l u n t e e r s to do the job.
Jt would h a v e b e e n
i m p o s s i b l e to hir e this huge staff.
Not o n l y w o u l d the cost
h a v e b e e n p r o h i b i t i v e , but we c o u l d n ’t h a v e h i r e d m a n y of the
p e o p l e at a n y price.
A n d I am sure that t h e - r e s u l t s f r o m a
h i g h l y c e n t r a l i z e d effort w o uld not have c o m p a r e d w i t h the
a c h i e v e m e n t s of our v o l u n t e e r o r ganization.
The same thing is true today.
The T r e a s u r y staff is e s
s e n t i a l l y a service g r o u p to h e l p o r g anize and k e e p the S a vings
B o n d P r o g r a m revit a l i z e d .
The b u l k of the w o r k m u s t be done
locally, The T r e a s u r y h as always l o o k e d to the b a n k s for a
m a j o r part of this endeavor.
A n d the b a nks hav e a l w a y s turned
In a fin e job.
So it is n a t u r a l that the T r e a s u r y should call
a g a i n on the b a n k s at this time.
T h i s m o r n i n g y o u h e a r d about the p r o g r a m we h a v e for
setting up the n e w B o n d - a - M o n t h P l a n in the banks.
U n d e r this
m e t h o d , a d e p o s i t o r w i t h a c h e cking a c c o u n t would m e r e l y sign
a c ard a u t h o r i z i n g his b a n k to d e duct f u n d s f or the p u r c h a s e
of one or m o r e b o n d s a month.
I b e l i e v e that this n e w p l a n will m a t e r i a l l y add to the
success of the S a v i n g s B o n d Program,
It will s t r e n g t h e n the
effo r t to r e a c h the c o m m u n i t y a nd f a r m m a r k e t .
These Important
g r o u p s of our p o p u l a t i o n are not n o w b e ing co v e r e d as well as
t h e y wer e d u r i n g the war l o a n period.
I am thinking p a r t i c u
l a r l y of the small b u s i n e s s m a n a nd h is employees, of p r o f e s
sional a n d other s e l f - e m p l o y e d persons, of m e n and w o m e n w i t h
r e c u r r i n g i n come for i n v e s t m e n t s , a n d pf f a r m e r s w i t h steady
4
income.
T he n e w p l a n will sup p l e m e n t the Pa y r o l l P l a n which,
I am h a p p y to say, is still m o s t successful in m a n y of the
f i rms w h i c h a d o p t e d it d u r i n g the war period.
T h e p u b l i c debt is a g r i m reality. Its m a n a g e m e n t is a
vital m a t t e r that a f f e c t s all of us,
The w h ole f u t u r e of the
b a n k i n g s y stem is b o u n d up in its successful m a n a g e m e n t .
Two t h irds of the e a r n i n g a s s e t s of c o m m e r c i a l b a n k s t o d a y consist
of G o v e r n m e n t securities.
W e m u s t all c o l l a b o r a t e to a c h i e v e
p r o p e r debt m a n a g e m e n t .
In c l o s i n g m a y I say a g a i n h o w m u c h we in the T r e a s u r y
a p p r e c i a t e y o u r h e l p in the Savings B o n d work, and y o u r a t
t e n d a n c e at the m e e t i n g s today.
I h o p e y o u will bend e v e r y
e f f o r t to a s s i s t in the n e w B o n d - a - M o n t h Plan,
It wil l h e l p
too if y o u wil l e x p l a i n to p e o p l e the n e e d and I m p o r t a n c e of
the S a v i n g s B o n d Program.
It is not a l w a y s u n d e r s t o o d w h y
savings b o n d o w n e r s h i p should be i n c r e a s e d e v e n t h o u g h the
debt is b e i n g reduced,
I hop e y o u will i l l u s t r a t e the b e n e
fits of a w i d e s p r e a d d i s t r i b u t i o n of the debt and the fact
that savings b o n d m o n e y is u s e d to h e l p r e f i n a n c e the debt
r a t h e r t h a n to i n c r e a s e i t .
We n e e d y o u r c o o p e r a t i o n and a s s i s t a n c e m o r e than ever.
W i t h the h e l p of the b a n k e r s of this c o u n t r y > and of the
b u s i n e s s m e n r u n n i n g the Payroll S a v i n g s Plan, we will do an
o u t s t a n d i n g job in the S a v ings B o p d Program,
0O 0
DIVISION OF PUBLIC RELATIONS
Routing sheet.
Release date
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ITigglna addre«*,
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3/19/47______ _ P/esM Service No.
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„
T H E A SURIT D E P A R T M E N T
Washington
(The f o l l o w i n g ad d r e s s b y A. Lee M. W i g g i n s , U n d e r S e c r e t a r y
of the T r e a sury, at a l u n c h e o n m e e t i n g of the U n i t e d States
S a v i n g s B o n d Conf e r e n c e at the S t a b l e r Hotel is scheduled for
d e l i v e r y at 1 0 : 3 0 A.M,, E.S.T., W e d n e s d a y , M a r c h 1 9 , 1 9 ^ 7 ,
a n d is for r e l ease at that time',)
, 1,1 ^ ... '
~ *
”SPR E A D I N G T H E P U B L I C D E B T ”
X w i s h to add a w o r d of w e l c o m e to this c o n f e r e n c e on
Sa v i n g s Bonds*
I am g l a d to see such a r e p r e s e n t a t i v e g r o u p
of the b a n k i n g f r a t e r n i t y a s s e m b l e d her e w i t h the State
C h a i r m e n a n d the State D i r e c t o r s of the S a v i n g s B o n d P r o g r a m
to d i s c u s s the way s and m e a n s Of stepp i n g up the sales of
S a v i n g s Bonds.
T h i s is the f i rst time that I h a v e a d d r e s s e d a n y g r o u p
since a s s u m i n g a p o s i t i o n w i t h the T r e a s u r y and it is p l e a s i n g
to m e t h a t the subject is one in w h i c h all of us are so k e e n l y
I n t e r e s t e d a nd in w h i c h there has b e e n such a fine d e g r e e of
c o o p e r a t i o n b e t w e e n G o v e r n m e n t and i n d i v i d u a l c i t izens and
g r o ups*
T h e h i s t o r y of the savings b ond sales is one of the
g r e a t e p ics of the war.
A t no time in the h i s t o r y of the world
hav e so m a n y p e o p l e g i v e n of t h e m s e l v e s in a p u b l i c service
of f i n a n c i n g their g o v e r n m e n t n o r sold m o r e s e c u r i t i e s to m o r e
people.
It w o u l d be i m p o s s i b l e to g i v e a d e q u a t e r e c o g n i t i o n
to all w ho h a v e p a r t i c i p a t e d , but I w o u l d like to say to the
b a n k e r s of this c o u n t r y that their p a r t i c i p a t i o n , t h e i r g e n e r
ous c o n t r i b u t i o n of time and effort, a n d t h eir w h o l e h e a r t e d
c o o p e r a t i o n t h r o u g h o u t h as b e e n an i n d i s p e n s a b l e f a c t o r in the
s u c cess of the program.
A s a banker, I hav e t a k e n part in m a n y m e e t i n g s and c o n
f e r e n c e s of b a n k e r s d e v o t e d to p l a n n i n g fo r the sale of savings
b o n d s a n d f r o m that v i e w p o i n t have w i t n e s s e d f i n e d e m o n s t r a t i o n s
of zeal to p e r f o r m a service to the nation.
Now,, as a n o f f icial
of the T r e a s u r y , I am able to a p p r a i s e f r o m the sta n d p o i n t of
G o v e r n m e n t the e f f e c t i v e n e s s of the w o r k of the b a n k e r s in
p r o m o t i n g the w i d e - s p r e a d sale of Sa v i n g s B o n d s and I come up
w i t h the same answer:,
a g o o d Job has b e e n d one and a service
fo r w h i c h the b a n k e r s are p e c u l i a r l y f i t t e d h a s b e e n p e r f o r m e d
w i t h d i s t i n c t i o n and w i t h success.
S-278
T h e Sa v i n g s B o n d P r o g r a m h as a l w a y s seemed" to m e to he
a l a n d m a r k in the h a n d l i n g of the p u b l i c debt.
F r o m the v e r y
b e g i n n i n g it was a n i n s p i r e d i d e a that the A m e r i c a n p e o p l e
should be i n v i t e d to come in a nd h e l p f i n a n c e the G o v e r n m e n t
in a c c o r d a n c e w i t h their means,
I a m a strong b e l i e v e r in i n d i v i d u a l i n i t i a t i v e and in
f r e e d o m of c h o i c e a n d rebel at the i d e a of s o m e b o d y t e l l i n g
o t h e r p e o p l e w h a t t o do.
D u r i n g the war, I a p p l a u d e d the
d e t e r m i n a t i o n of the T r e a s u r y to a v o i d a n y s y s t e m of f o r c e d
saving a n d to c a p i t a l i s e the v i g o r a n d e n t h u s i a s m of a v o l u n t a r y
p r o g r a m in w h i c h all w e r e i n v i t e d to p a r t i c i p a t e .
It w a s the
S a v i n g s B o n d Program, of course, w h i c h m a d e the v o l u n t a r y
s y s t e m w o r k out.
It was f u r t h e r proof, if a n y w e r e n e e ded, of
the v a l i d i t y of the A m e r i c a n p r i n c i p l e of d e m o c r a c y In a c t ion.
It p r o v e d a g a i n that fre e m e n in a c o m m o n cause v o l u n t a r i l y can
a n d will do a b e t t e r job t h a n u n d e r a n y s y s t e m of compulsion,
A s we e x a m i n e the p r o b l e m s of m a n a g i n g the n a t i o n a l debt
t o d a y a n d u n d e r t a k e to a p p r a i s e the r e a l i t i e s of this p r o b l e m
in terms of n a t i o n a l welfare, we r e a c h a n i n e s c a p a b l e con-*
elusion;
that n o m a t t e r wha t success has b e e n a t t a i n e d in
s p r e a d i n g the n a t i o n a l d ebt a m o n g 8 5 , 0 0 0 , 0 0 0 h o l d e r s of G o v e r n ^
m e n t o b l i g a t i o n s h o l d i n g about o n e ^ f o u r t h of the debt, it Is
h i g h l y d e s i r a b l e that b o t h the a m o u n t and the p r o p o r t i o n of debt
h e l d b y I n d i v i d u a l s be I n c r e a s e d substa n t i a l l y .
I n o t h e r words,
our task of selling G o v e r n m e n t s e c u r i t i e s to i n d i v i d u a l s is b y
no m e a n s finished, hut this Job m u s t be c o n t i n u e d until a
s u b s t a n t i a l l y larger p r o p o r t i o n of the p u b l i c debt i 3 o w n e d b y
the m i l l i o n s of the i n d i v i d u a l s w h o c o n s t i t u t e our c itizenship,
T he p e o p l e of A m e r i c a are the G o v e r n m e n t of the nation*
A l t h o u g h t h e y d e l e g a t e c e r t a i n p o w e r s and d u t i e s to e l e c t e d
r e p r e s e n t a t i v e s , the p e o p l e t h e m s e l v e s are the source of all
g o v e r n m e n t a l p o w e r s u n d e r the f r e e d o m s of d e m o c r a t i c action.
It is a b a s i c concept of democracy, therefore, that all of the
p e o p l e s h ould p a r t i c i p a t e in G o v e r n m e n t ,
This participation
s h o u l d n o t o n l y be p olitical, but should be in support of the
G o v e r n m e n t t h r o u g h the p a y m e n t of taxes and t h r o u g h the f i n a n c i a l
support of the G o v e r n m e n t b y o w n i n g a share of the p u b l i c debt.
I h a v e n e v e r s u b s c r i b e d to the t h e o r y that a f e w should p a y
the cost of G o v e r n m e n t n o r that a f e w should own the p u b l i c debt*
Our tax laws r e c o g n i z e this p r i n c i p l e to the e x t e n t that e v e r y
man, woman, and child Is taxed d i r e c t l y or i n d i r e c t l y f or the
support of G o v e r n m e n t *
O ur S a v i n g s B o n d P r o g r a m a d o p t s this
p r i n c i p l e b y d i s t r i b u t i n g the debt to 85 ,000,000 b o n d h o l d e r s .
B y p a y i n g taxes a n d h o l d i n g G o v e r n m e n t securities, t h eir
I n t e r e s t i n G o v e r n m e n t Is l n t e h slfled.
T h i s c o n t r i b u t e s to m o r e
responsible Government.
M o r eover, a d e m o c r a c y w o uld be s e r i o u s l y
w e a k e n e d if p u b l i c debt o w n e r s h i p were h i g h l y c o n c e n t r a t e d so
- 3
that tax m o n e y from the m a n y was paid out in the form of
interest on the public debt to a select few.
W h e n it is
realized that the present interest on the national debt amounts
to $15 per m o n t h for every family of five people, it becomes
obvious that it is in the national interest that as m a n y of
these families as possible receive a share of that interest.
It is n o w well over a year since the close of the V i c t o r y
Loan; and a good time to stop and take inventory of where we
stand in our objective of spreading the debt.
I should like
to summarize the situation briefly as I see it at this time.
First of all, let us look at the plus side.
The most o u t
standing factor, I think, is that reconversion has been about
completed, m a n y readjustments have been made, and the longheralded savings bond redemption spree has never o c c u r r e d . The
supply of n e w goods available is going up steadily, but there
have been no signs that people are inclined to cash their
bonds heavily for spending purposes.
Redemptions of E bonds are going down steadily.
The
temporary holders from the W ar Loan days have pretty well
liquidated their holdings.
There is good evidence to believe
that, for the average family, bonds are the last item drawn on
in time of financial need.
This gives a pretty good idea
of the psychological attitude of bondholders.
Another item on the plus side Is that sales of bonds have
held up beyond expectation.
We are n o w selling E bonds at
the rather steady rate of close to $5 b i l l i o n a year.
Sales
of Series F and G bonds have been phenomenal, and these bonds
are absorbing a good share of the n ew savings of the middle
Income level each month.
Also on the plus side is the fact that the payroll plan
continues to be popular with several mil lion persons.
It Is
true that the number of participants is down to around six
million, or about one-quarter of the wartime level; but a sharp
drop was to be expected.
We could not hope to mai n t a i n the
peak results of the wartime program; but If you view our
present results against peacetime standards, I think they are
remarkable.
Of course,
I do not for one minute m e a n to Imply that
there are no problems in the payroll field.
In fact, as I turn
to the minus side of our present situation, the weaknesses
that have developed in the payroll operation provide a good
place to start.
A number of the small firms have dropped the
plan since the war ended, and more than one big firm has
decided it can no longer afford the expense of carrying the
4
plan.
No doubt, there is g o i n g to he m o r e d i f f i c u l t y a l ong
these lines.
H a r d - p r e s s e d b u s i n e s s f i r m s will n a t u r a l l y be
l o o k i n g f o r w a y s to cut expenses; a n d some of t h e m are g o i n g
to w o n d e r w h e t h e r the y c an ju s t i f y the cost of c a r r y i n g the
p a y r o l l plan.
T h i s • is a p l a c e w h ere b a n k e r s can be of c o n s i d e r a b l e
a s s i s t a n c e to the Tre a s u r y .
In your contacts with management,
ft w i l l be h e l p f u l if y o u will l e n d y o u r p e r s o n a l e n c o u r a g e m e n t
to the continuation:, of the p a y r o l l plan.
O f t e n t i m e s the
m o r a l support of a b a n k e r will c o n v i n c e a b u s i n e s s m a n of the
w i s d o m of k e e p i n g the p l a n in operation.
A s e c o n d p o i n t on the m i n u s side h a s to do w i t h the d i s t r i
b u t i o n of sales b y size of d e n o m i n a t i o n s of b o n d s sold.
Since
the e nd of the wTar, sales of E b o n d s are b e c o m i n g m o r e c o n c e n
t r a t e d i n the h i g h e r d e n o m i n a t i o n s , w h i l e the s m a l l e r d e n o m i
n a t i o n s h a v e lost g r o und.
Thus, 194 7 sales of the f o u r smallest
d e n o m i n a t i o n s — $ 10 , $ 2$, $ 50, a n d $100 — w ere dow n 7 5 $ f r o m
1 9 ^ * as a g a i n s t a 40$ de c l i n e in the $ 1,000 d e n o m i n a t i o n .
T h i s is a r e f l e c t i o n of a l e s s e n i n g p a r t i c i p a t i o n in the p a y
rol l a r e a a n d a d e c l i n e b y smaller p u r c h a s e r s g e n e r a l l y .
It
is to be h o p e d that this trend c an be stopped, b e c a u s e it is
c e r t a i n l y not c o n s i s t e n t w i t h the o b j e c t i v e of s p r e a d i n g the
debt.
Still a n o t h e r p o int on the m i n u s side is a t e n d e n c y of
p e o p l e to let down, n o w that the p e r i o d i c d r i v e s of the War
L o a n days are m i s s i n g ,
It is h a r d to k e e p t h i n g s stirred up
w i t h o u t an o c c a s i o n a l specialty, act.
T h e two p u b l i c i t y d r ives
of last y e a r w e r e c e r t a i n l y useful, but, of course, t h e y d i d n ’t
c a r r y the p u n c h of a W a r L o a n c a m p a i g n or of a t e a m of six
m i l l i o n v olunteers.
%
T h i s leads m e to an i m p o r t a n t c o n c lusion.
T he best r e s u l t s
f o r the e f fort e x p e n d e d are g o i n g to come f r o m p l a n s w h i c h
i n v o l v e -1 s y s t e m a t i c savings.
W e cannot a s k p e o p l e to spend
m u c h time on on e - s h o t sales efforts,
T he m o n e y p i l e s up
m u c h m o r e q u i c k l y in c o n t i n u i n g syst e m a t i c savings p l a n s like
the p a y r o l l plan.
This, as y o u know, is a n old m a x i m of
ba n k e r s , w h o h a v e b e e n t e l ling p e o p l e f or ages that a l i ttle
b it s a ve d r e g u l a r l y soon g r o w s to a lot.
I come n o w to the n e w b o n d - a - m o n t h p l a n f or the banks.
H e r e is a n e w a p p r o a c h a l o n g the same l i nes as the p a y roll
plan.
It is systematic; a n d one selling job a c c o m p l i s h e s
a w h ole c h a i n of sales.
It is a lso a p l a n in w h i c h the h e l p pf the b a n k s is
indispensable,
Others will discuss the details of the plan, but I would
like to add the observation that the program of selling on
a single order basis a bond a m o n t h to a customer, to be
charged against his checking account, is the most simple,
effective, and logical plan that I kno w of to reach large
numbers of salaried people, professional people, and selfemployed,
It is systematic- savings by an automatic and almost
painless method.
It requires no repeated effort on the part
of the buyer.
It Is a program consistent with the savings
philosophy that bankers have long preached, namely, systematic
and regular savings.
It is not a n e w program.
Ma n y banks have been using it
for years with great success, even though the plan has not
been backed up b y nationwide publicity and by concentrated
effort.
It is a supplement to the Payroll Savings Plan and in
cases In which that plan has been abandoned, m u c h of the b u s i
ness can be recaptured*
There are m a n y millions of people who already have
Government bonds but are not systematically adding to their
holdings.
Most of them have checking accounts.
This plan
enables them, with the utmost ease, to transfer regularly some
of the checking account into savings bonds.
Fr o m a fiscal standpoint, as well as In the Interest of
the entire national economy, the result will be a further
spreading of the debt and an increase in the amount and
proportion of the debt held by individuals.
I need not argue
with this group on the desirability of that objective.
The success of this plan is going to depend almost
completely on h o w the individual ba n k and its employees try
to put it across.
The same thing has always been true of the
payroll plan.
I remember some of the discussions on this
point when the Banking Advisory Committee was consulting with
Treasury people during the war.
The variation In the results
of the payroll plan were tremendous.
There were some Industries
and firms that did a fine job.
Others failed.
The results
were usually a reflection of Interest and energy at the top.
If management was interested and set up the proper organization,
the plan was effective.
If management didn't care, the plan
was ineffective.
Y o u can see for yourself that the same thing is going to
be true of the Bond-a-Month Plan in the banks.
The most
important thing that the bankers here today can do for this plan
is to push it in your own banks, and sell it to the top
bankers in your area.
-
6
-
In this connection, I think it should he emphasized that
advertising in itself w o n ’t sell the n ew plan to very m a n y
people.
It will help, but it w o n ’t do the job.
Advertising
is necessary and desirable; but by itself it w o n ’t sign up
m a n y people on the plan*
The only thing that will produce an
important number of participants is to promote the plan actively
through aggressive personal contact.
Throughout the entire
Savings Bo n d Program the experience has been that personal
contact was the most effective approach.
Advertising helped
set the environment, but personal contact nailed down the sales.
I know there are going to be problems about the Bond-aMonth Plan, just as there are problems about the Payroll
Savings Plan.
There are costs of operating these plans.
There
m a y be personnel problems.
There Is sometimes d i s i n t e r e s t e d
ness on the part of the people down the line.
All of these
things are practical problems.
Moreover, the n e w plan is going to draw down bank
directly and thus affect the earning assets of banks.
one thing to talk abouL reducing inflationary deposits
general, but quite another thing for a banker to watch
earning assets go down.
deposits
It Is
in
his own
I have tried to be frank today in appraising the Savings
Bond Program.
I kn o w you will understand that the Treasury
should be its own severest critic.
We do not want to mislead
ourselves.
The public debt is too important a factor in our
economic life.
Here is a plan and program in which the bank is the key
figure.
The objectives are not only desirable but are essential
to the proper handling of the debt.
It will require some
enthusiastic effort to make it produce maximum results.
W e are
calling on a group that has already demonstrated its desire
and its ability to perform services of great value to the
nation to a n e w effort.
I have every confidence that the
bankers of America will respond wholeheartedly, enthusiastically,
and energetically to this further call to service }.n the
interest of the welfare of this nation.
0O 0
UNITED STATES SAVINGS BONDS
SALES AND REDEMPTIONS
Comparison
January 1 - March 1*4- — • 19*4-7 - 19*4-6
(Sales at issue price - redemptions at current redemption value)
(in thousands of dollars)
of Change
January 1 March 1 fk
19**7
SALES
January 1 —
March 1*4-/
19^6
19*4-7 period
over
19*4-6 period
---------
Series E ...........
Series E .....
Series 0 .......
Series E, E & 0
$1 ,128, 29*4-
113,609
758,772
2,000,676
$1 ,176,592
83.559
601 ,3*&
~**.l£
m.o
/26.2
$l,86l,i»95
TT3F
$1 ,31^.721
*3.793
-38.5*
^28.6
9 6 ,0 7 6
$1,45^ ,590
/ 2 0 .5
REDEMPTIONS 4BB&
Series E .. .
$ 808,596
Series E ........♦
56,337
Series G- ........
115*725
Series E, E & 0
$ 980,658
-327^»
EXCESS OF SALES
Series E........
$ 319*698
Series E ••••••••••.
57*272
Series 0 •••••••••••
6^-3,0%
Series E, E & G
$1,030,01$*
$ -138.129
39.766
505.268
$
*K)6,905
♦Excess of sales over redemptions so far in 19*4-7 Is 2| times that of the same
period in 19*44. Eor comparison: the full year 19*4-6 produced an excess of
$1,369*216,
'
Note: Figures are rounded to nearest thousand
and will not necessarily add to totals.
Promotional Research
U. S. Savings Bonds Div.
Suggested release far
sWrdfcary’s Press Conforonee , Mar. 19, 1947*
lOR HBLFA5B IN AM»a , TftjkaSDAI, MARCH 2Q
Washington, D. C., March 19 Sales of W. S. Savings Bonds, Series R, F A 0 , in 1947 have already
passed the too billion dollar mark, Secretary Snyder announced today* At the
ease point in 1946 sales wore $1,861,495,000, tfiieh included a #300,000,000
carryover into January , 1946, of Victory Loan sales made too late in 1945 to
get Into the Treasury report for December*
Redemptions of Series E, F & OF bonds through March 14 mere #930,653,000
or 32.6% less than tfaqjr were in the same period last year, when they totalled
#1,314,721,000 at this point.
E bond redemptions were $303,596,000 or 38j %
under those of the corresponding period in 1946, which totalled $1,454,590,000.
March was the month of the heaviest R bond redemptions in 1946* In the
first 14 days of March, 1947, 1 bond redemptions were $176,000,000 against
#282,000,000 for the same number of March days last year, or only 62*4 per cent
as such*
B bond sales in the first 14 d^srs of March 1his year passed #200,000,000
as compared to $169,000,000 at thesame point last year.
At the end of last week’s business, the excess of sales of F, F and
0 Savings Bonds over redemptions of those bonds daring 1947 was #1,020,018,000.
L**t Tet*
•**■ P^>* the »* M s 1406,905,000, or less than tso-fifths
as nuc^.and «or the entire year of 1946 the net m s *1,399,216,000.
Suggested release for
Secretary* s Press Conference ,
Mar. 19, 1947.
j q | RELEASE IN A K 1s , THURSDAY, MARCH 2Q
Washington, D. C., March 19 —
Sales of U. S. Savings Bonds, Series E, F & G , in 1947 have already-
passed the two billion dollar mark, Secretary
Snyder announced today. At the
same point in 1946 sales were $1,861,495,000, which included a $300,000,000
carryover into January , 1946, of Victoiy Loan sales made too late in 1945 to
get into the Treasury report for December®
^Redemptions of Series E, F
& GF
bonds throu^i March 14 were $980,658,000,
or 32.6$ less than thqr were in the same period last year, when they totalled
$1,314,721,000 at this point.
E bond redemptions were $808,596,000 or 382
%
under those of the corresponding period in 1946, which totalled $1,454,590,000.
J^March was the month of the heaviest E bond redemptions in 1946.
In the
first 14 days of March, 1947, E bond redemptions were $176,000,000 against
$282,000,000 for the same number of March days last year, or only 62.4 per cent
as much.
¡JS bond
sales in the first 14 dsys of March this year passed $200,000,000
as oompared to $169,000,000
at thjfsame point last year.
(At the end of last week*s business, the excess of sales of E, F an&^
G Savings Bonds over redemptions of those bonds during 1947 was $1,020,018,000.
hast yea*
as muc^.i
at the same point the net was $406,905,000, or less than two-fifths
the entire year of 1946 the net was $1,382,216,000.
#
TREASURE DEPARTMENT
Washington
F O R R E L EASE, M O R N I N G N E W S P A P E R S ,
Thu r s d a y , M a r c h 20, 1Q47________
P r ess Service
N o . S-279
Sales of U, S. S a v i n g s Bonds, S e r i e s E, F, a nd G, in
1947 hav e a l r e a d y p a s s e d the two b i l l i o n d o l l a r mark,
S e c r e t a r y Snyder a n n o u n c e d today.
A t the same p o i n t in
194-6 sales were $1,86.1,495*000, w h i c h i n c l u d e d a $ 3 0 0 , 0 0 0 , 0 0 0
c a r r y o v e r into January, 1946, of V i c t o r y L o a n sales m a d e too
late in 1945 to get into the T r e a s u r y r e p o r t for December.
R e d e m p t i o n s of S e r i e s E, F, and G b o n d s t h r o u g h M a r c h 14
were $ 98 0,658,000, or 32.6/6 lass than t h e y were in the same
p e r i o d last year, w h e n t h e y t o t a l l e d $ 1 , 3 1 4 , 7 2 1 , 0 0 0 at this
point.
E b o n d r e d e m p t i o n s w ere $ 8 0 8 , 5 9 6 , 0 0 0 , or 38|$ u n d e r
those of the c o r r e s p o n d i n g p e r i o d in 1946, w h i c h t o t a l l e d
$1,454,590,000.
M a r c h was the m o n t h of the h e a v i e s t E b o n d r e d e m p t i o n s
in 1946.
In the f i rst 14 days of March, 1947, E bond rederaptions were $ 1 7 6 , 000,000, a g a i n s t $ 2 8 2 , 0 0 0 , 0 0 0 f or the
same n u m b e r of M a r c h days last year, or o n l y 62.4/£ as much.
E bon d sales in the f i r s t 14 days of M a r c h this y e a r
p a s s e d $200, 0 0 0 , 0 0 0 , as c o m p a r e d to $ 1 6 9 , 0 0 0 , 0 0 0 at the same
p o i n t last year.
A t the e nd of last w e e k * s business, t h e e x c e s s of sales
of E, F, a n d G S a v ings B o n d s over r e d e m p t i o n s of those b o nds
d u r i n g 1947 was $ 1 , 0 2 0 , 0 1 8 , 0 0 0 .
L a s t y e a r at the same p o i n t
the ne t was $406, 9 0 5 * 0 0 0 , or less t han t w o - f i f t h s as much.
F o r the e n t i r e y e a r of 1946 the ne t was $ 1 , 3 8 9 , 2 1 6 , 0 0 0 .
0O 0
TOi
21
Mrr-Folcy
rARTMEÏÏT
3.
M r . S h a e f f er
fcon
■Tohn W .
F O R Y O U R APPROVAL,
>
f
b
S n y d e r said t o d a y
PLEASE.
rs is e s t a b l i s h i n g n e w
sments e v e r y m o n t h ,
t f r o m J o s e p h D. Hunan,
Jr.
that a d d i t i o n a l tax
|onths of the c u r rent f i s c a l year
¡still rising.
T he seven-
lead of the c o r r e s p o n d i n g
Mr. Shaeffer
■ v e s t i g a t i o n are a v a i l a b l e , 5
the S e c r e t a r y said
we e x pect a d d i t i o n a l a s s e s s m e n t s w i l l
r e a c h $ 2 , 0 0 0 , 0 0 0 , 0 0 0 b y the end of the c u r r e n t f i s c a l year,
and r i s e to at least $ 2 ,500 , 000,000 i n the n e x t f i s c a l year.
’T h e s e : a s s e s s m e n t s are l a r g e l y the r e s u l t of the
ef f o r t s of the a d d i t i o n a l i n v e s t i g a t o r s we h i r e d b a r e l y a
y e a r ago,
w i t h the full a p p r o v a l of the C o n g r e s s and the
country.
T h e s e i n v e s t i g a t o r s h a v e n o w c o m p l e t e d their
t r a i n i n g and their p r o d u c t i v e
e f f orts are g r o w i n g w i t h each
m o n t h of expe r i e n c e .
' A p p r o x i m a t e l y <50,000,000 A m e r i c a n s h a v e
their a n n u a l tax returns.
just f i l e d
T he vas t m a j o r i t y of t h ese 're
turns are h o n e s t acc o u n t s r e n d e r e d by p a t r i o t i c A m e r i c a n s .
W e owe! it to these p e o p l e
to see to it that the c h i s e l e r is
f o r c e d to p a y his
too .n’
share,
oOo
TREASURY DEPARTMENT
Washington
PROPOSED PRESS RELEASE
S e c r e t a r y of the T r e a s u r y J o h n W.
that the d r i v e a g a i n s t
tax e v a d e r s
S n y d e r said t o d a y
is e s t a b l i s h i n g n e w
r e c o r d s for a d d i t i o n a l tax a s s e s s m e n t s e v e r y m o n t h .
Th e S e c r e t a r y c i ted a r e p o r t f r o m J o s e p h D. Nunan,
C o m m i s s i o n e r of I n t e r n a l Revenue,
Jr.,
that a d d i t i o n a l tax
a s s e s s m e n t s in the f i rst s e v e n m o n t h s
of the cu r r e n t f i s c a l y ear
r e a c h e d $1,011-,802,000 a nd w e r e still rising.
T he seven-
m o n t h t o tal was 44.7 p e r cent a h e a d of the c o r r e s p o n d i n g
months
last y e a r .
TtP r o v i d e d
that funds for i n v e s t i g a t i o n are a vailable/*
the S e c r e t a r y said,
we expe c t a d d i t i o n a l a s s e s s m e n t s w i l l
r e a c h $ 2 , 0 0 0 , 0 0 0 , 0 0 0 b y the end of the c u r r e n t f i s c a l year,
and r i s e to at least $ 2 ,500 , 000,000 in the n e x t f i s c a l year.
These, a s s e s s m e n t s are l a r g e l y the r e s u l t of the
e f f o r t s of the a d d i t i o n a l i n v e s t i g a t o r s we h i r e d b a r e l y a
y e a r ago,
w i t h the full a p p r o v a l of the C o n g r e s s an d the
country.
T h e s e i n v e s t i g a t o r s h a v e n o w c o m p l e t e d their
t r a i n i n g and their p r o d u c t i v e e f f orts are g r o w i n g w i t h e ach
m o n t h of e x p e r i e n c e .
' A p p r o x i m a t e l y -50,000,000 A m e r i c a n s h a v e
their a n n u a l tax returns.
just f i l e d
T he v a s t m a j o r i t y of t h ese ’r e
turns are h o n e s t a c c o u n t s r e n d e r e d by p a t r i o t i c A m e r i c a n s .
W e owe> it to these p e o p l e
to see to it that the c h i s e l e r is
f o r c e d to p a y his
too/
share,
0 O0
TREASURY DEPARTMENT
Washington
FOR IMMEDIATE RELEASE
T h u r s d a y , M a r c h 20, 1 9 ^ 7 .
P r ess S e r v i c e
No'. S - £ 8 0
S e c r e t a r y of the T r e a s u r y J o h n W. Snyder said t o day
that the d r ive a g a inst tax evaders is e s t a b l i s h i n g n e w
re c o r d s for. a d d i t i o n a l tax a s s e s s m e n t s e v e r y month.
The S e c r e t a r y c i ted a r e p o r t f r o m J o s e p h D, Nunan, Jr.,
C o m m i s s i o n e r of Internal Revenue, that a d d i t i o n a l tax
a s s e s s m e n t s in the first seven m o n t h s of the current fiscal
yea r r e a c h e d $ 1 , 0 1 1 , 8 0 2 , 0 0 0 and W ere still rising.
The
s e v e n - m o n t h total was 44.7 p er cent a h ead of the c o r r e s p o n d i n g
m o n t h s last year.
” P r o v i d e d that funds for i n v e s t i g a t i o n are a v a i l a b l e , ”
the S e c r e t a r y said, ,:we expect additional; a s s e s s m e n t s wil l
r e a c h $ 2 , 000, 000,000 b y the end of the current f i s c a l year,
and rise to at least $ 2 ,500 , 000,000 in the n e x t fiscal
year.
" T h e s e a s s e s s m e n t s are l a r g e l y the r e s u l t of the
efforts of the a d d i t i o n a l i n v e s t i g a t o r s we h i r e d b a r e l y
a y e a r ago, w i t h the full a p p r o v a l of the Co n g r e s s and the
country.
T h ese i n v e s t i g a t o r s h ave n o w c o m p l e t e d their
t r a i n i n g and their p r o d u c t i v e efforts are g r o w i n g w i t h e ach
m o n t h of e x p e r i e n c e .
" A p p r o x i m a t e l y 5 0 , 0 0 0 , 0 0 0 A m e r i c a n s h a v e just f i led
their a n n u a l tax returns.
The v ast m a j o r i t y of these r e
turns are h o n e s t accounts r e n d e r e d b y p a t r i o t i c A m e r i c a n s .
W e owe it to these p e o p l e to see to it that the ch i s e l e r
is f o r c e d to p ay his share, too."
oOo
MSM
-3 sold* redeemed or othervn.se disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the
owner of Treasury bills
(other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. I4.I8, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
Immediately after the closing hour, tenders -Trill be opened at the Federal
Reserve Banks and Branches, following which public announcement will be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders will be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in whole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for 1200,000
or less from any one bidder at
accepted in full.
99.905> entered
on a fixed-price basis will be
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
March
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other excise taxes,
whether Federal or State, but shall be exempt from all taxation now or here
after imposed on the principal or interest thereof by any State,- or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
Under Sections
1|2 and 117 (a) (1) of the Internal Revenue Code, as amended by Section 115> of
the Revenue Act of 1914-1* the amount of discount at which bif^Ls issued here
under are sold shall not be considered to accrue until such bills shall be
ALENA
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
.Eriday».,,March Z j., 1947________ «
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1>300>000*OOP
, or thereabouts, of __ 91 -day Treasury bills, to be issued
on a discount basis under competitive and fixed-price bidding as hereinafter
provided.
The bills of this series Trill be dated
will mature
out interest.
March 27, 1 % 7
, and
» when the face amount will be nay able with35Bf--- -----They will be issued in bearer form only, and in denominations
June 26, 1947
of $ 1 ,000, $5 ,000, $ 10 ,000, $ 100,000, $ 500,000, and $ 1 ,000,000 (maturity value).
Tenders will be received at Federal“Reserve Banks and Branches up to the
Monday, March 24 5 1947
555
Tenders will not be received at the Treasury Department, Washington, Each
closing hour, two o'clock p.m., Eastern Standard time,
tender must be for an even multiple of $ 1 ,000, and the price offered must be
expressed on the basis of
Fractions may not be used.
100,
with not more than three decimals, e. g.,
99.925.
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which will be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders Will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the fs.ce
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
♦
TREASURY'' D E P A R T M E N T
-W à s h i n g t o n
F O R RELEASE, M O R N I N G NEWSPAPERS,
Friday, M a r c h 21, 1947. - s
;
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’ Press S e rvice
No. S - 281 .
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C, r$i A - ’ -A . 7,' . . V ’ A A \ j
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• . ..The S c a r e t a r y of- the Treasury, b y this p u b l i c - n o t i c e ,
' in v i t e s tenders for $ 1 ,300 , 000, 000 , or t h ereabouts, o f ;9 1 -day
.••Treasury .bills, to be i s s u e d on a d i s c o u n t basis u n d e r c o m p e
t i t i v e ' a n d f i x e d - p r i c e b i d d i n g as h e r e i n a f t e r p r o v i d e d . 'The
bills, of this series will. be d a t e d M a r c h 27, 1 9 ^ 7 > and w i l l
mature"" June ■.26, ,1947, w h e n the f a c e - a m o u n t .will.be payable"
without' i n t e r e s t A T h e y .will be issued, .in b e a r e r -form only,
and in d e n o m i n a t i o n s of $ 1 ,-000 , $5 ,,000 , ••$1 0 , 000 , $ 100 , 000 ,
$ 500 ,000 ,. and $ 1 , 000,000 (ma t u r i t y value.).
A'" A ;
" *.
f
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A •*' A""'
h
\A1 " i ' . < **, '>
¿tt
1".
,
'Tenders w i l l be. r e c e i v e d at F e d e r a l R e s e r v e -Banks, and
Branches-\up. to ^the.c l o s i n g hour, two o' clock, p.m., E a s t e r n
■S t a n d a r d time, Monday, M a r c h '24., 194-7'.'• T e n d e r s w i l l n o t ' b e
.
: r e b e l v e d :at, the T r e a s u r y D e p a r t m e n t , Washington-.
Each- t e n d e r
•m u s t -be for. an e v e n m u l t i p l e of $ 1 , 000 , -and the p r i c e o f f e r e d
, mjust be e x p r e s s e d on t h e ' basis o.f 100 , w i t h n et m o r e t h a n three
d e c i m a l s , e , g., 99*925.* a F r a c t i o n s m a y no t be used.' It is
u r g e d that tenders be made" on the p r i n t e d forms and f o r w a r d e d
in the s p e c i a l e n v e lopes w h i c h w i l l be s u p p l i e d by F e d e r a l
R e s e r v e B a n k s or B r a n c h e s on a p p l i c a t i o n .therefor...
T e n d e r s w i l l be r e c e i v e d w i t h o u t d e p o s i t f r o m i n c o r p o r a t e d
b a n k s and trust companies and f r o m r e s p o n s i b l e and r e c o g n i s e d
d e a l e r s in i n v e s t m e n t securities.
T e n d e r s f r o m others m u s t
be a c c o m p a n i e d by p a y m e n t of 2 p e r c e n t of the face a m o u n t of
T r e a s u r y b i l l s a p p l i e d for, u n l e s s the t e nders are a c c o m p a n i e d
by on e x p ress g u a r a n t y of p a y m e n t b y a n i n c o r p o r a t e d b a n k or
trust company.
I m m e d i a t e l y after the c l o s i n g hour, t e n ders w i l l be o p e n e d
at the F e d e r a l R e s e r v e Banks and Br a n c h e s , f o l l o w i n g w h i c h
p u b l i c a n n o u n c e m e n t w i l l be m a d e by the S e c r e t a r y of the
T r e a s u r y of the amount and p r i c e r a nge of a c c e p t e d bids.
Those
s u b m i t t i n g tenders w i l l be a d v i s e d of the a c c e p t a n c e or r e j e c
tio n thereof.
The S e c r e t a r y of the T r e a s u r y e x p r e s s l y r e s e r v e s
the r i g h t to a c cept or r e j e c t a ny or all tenders, in w h o l e or
in part, and
his a c t i o n in any such r e s p e c t shall be final.
S u bject to these reser v a t i o n s , tenders for $ 2 0 0 , 6 0 0 or less
f r o m any one b i d d e r at 99.905 e n t e r e d on a f i x e d - p r i c e b a s i s
w i l l be a c c e p t e d in full.
P a y m e n t of a c c e p t e d tenders at the
p r i c e s o f f e r e d m u s t be m a d e or c o m p l e t e d at the F e d e r a l R e s e r v e
B a n k in cas h or other i m m e d i a t e l y a v a i l a b l e funds on
M a r c h 27, 1947.
2
The income d e r i v e d f r o m T r e a s u r y hills, w h e t h e r i n t e r e s t
or g a i n f r o m the sale or o t her d i s p o s i t i o n of the bills, shall
not h a v e a n y exemption, as such, and loss f r o m the sale or
other d i s p o s i t i o n of T r e a s u r y bills s h a 1 lr.no t h a v e any special
•treatment, as such,| u n d e r F e d e r a l tax A c t s n o w or h e r e a f t e r
enacted.
The bills-: shall be subject- to estate, i n heritance,
gift, or o t her e x cise taxes, w h e t h e r F e d e r a l or State, but
.shall be :exempt frolt all t a x a t i o n n o w or h e r e a f t e r i m p o s e d on
the p r i n c i p a l or interest, t h e r e o f by any State, or any of the
p o s s e s s i o n s of the U n i t e d States, or b y any l o cal t a x i n g
a u t h o r i t y . V F o r ••purposes of t a x a t i o n the a m ount o f d i s c o u n t at
w h i c h T r e a s u r y bills are o r i g i n a l l y sold b y the U n i t e d States
shall be c o n s i d e r e d H o be interest..
U n d e r Se c t i o n s 42 and
117 (a) (1) of 'the I n t e r n a l R e v e n u e Code, as a m e n d e d ' b y
•Section 115 of the R e v e n u e Act of 194-1, the a m o u n t of--discount
at w h i c h b i l l s i s s u e d h e r e u n d e r are sold shall not be c o n s i d e r e d
to accr u e u n t i l such b i lls shall be sold, r e d e e m e d or o t h e r w i s e
d i s p o s e d of, and suc h b i lls are e x c l u d e d f r o m c o n s i d e r a t i o n as
c a p i t a l asset's. A c c o r d i n g l y , t h e , o w n e r of T r e a s u r y bills
(other t h a n life i n s u r a n c e companies) i s s u e d h e r e u n d e r n e e d
i n c l u d e in his i n c o m e tax r e t u r n o n l y the d i f f e r e n c e b e t w e e n
the p r i c e p a i d for such bills, w h e t h e r on o r i g i n a l issue or
o n s u b s e q u e n t purchase, and the a m ount a c t u a l l y r e c e i v e d
e i t h e r u p o n sale or r e d e m p t i o n at m a t u r i t y d u r i n g the t a x a b l e
y e a r for w h i c h the r e t u r n is made', as” o r d i n a r y g a i n or loss.
T r e a s u r y D e p a r t m e n t C i r c u l a r N o , 4l8, as amended, a nd
this notice, p r e s c r i b e the terms of the T r e a s u r y b i l l s a nd
g o v e r n the. c o n d i t i o n s of their, issue. Copies of the c i r c u l a r
m a y be o b t a i n e d f r o m any F e d e r a l R e s e r v e B a n k or Br a n c h .
0 O0
T8HEN THIS RELEASE HAS BEEN MIMEOGRAPHED PLEASE
SEND 10 COPIES TO ROOM 1*03, WILKINS BLDG.
entries for con
sumption of Cuban
temmed or stemmed
tobacco filed at
.7, covered a quantity
of tobacco in excess of the 22,000,000 pounds dutiable at the quota
rates set forth in the further supplementary Cuban Trade Agreement
of December 191*1«
The Bureau has determined that 68 *15)98 per centum of the
tobacco covered by each entry and withdrawal filed at the opening
of the quota on January 2 is dutiable at the quota rates and has
so advised collectors of customs
FOR IMMEDIATE RELEASE
March 21, 19i;7«______
The Bureau of Customs announced today that entries for con
sumption and withdrawals from warehouse for consumption of Cuban
filler tobacco, not specially provided for, unstemmed or stemmed
(other than cigarette leaf tobacco), and scrap tobacco filed at
the opening of the quota year on January 2, 19ii7> covered a quantity
of tobacco in excess of the 22,000,000 pounds dutiable at the quota
rates set forth in the further supplementary Cuban Trade Agreement
of December 191*1*
The Bureau has determined that 68*1598 per centum of the
tobacco covered by each entry and withdrawal filed at the opening
of the quota on January 2 is dutiable at the quota rates and has
so advised collectors of customs*
TREASURY DEPARTMENT
Washington
EOR IMMEDIATE RELEASE,
F r i d a y , M a r c h 2.11 1947«
P p g s s Service
No, S - 2 Ö 2
Tho B u r o a u of Customs a n n o u n c e d t o day that
for c o n s u m p t i o n and w i t h d r a w a l s f r o m w a r e h o u s e
s u m p t i o n of C u b a n filler tobacco,
for,
u n s t e m m e d or stemmed
tobacco),
no t
entries
for c o n
specially provided
(other t h a n c i g a r e t t e
leaf
and scrap tobacco f i l e d at the o p e n i n g of the
q u o t a y e a r on J a n u a r y 2,
19^7,
t o b acco
2 2 ,000,000
in excess
the q u o t a rates
of the
c o v ered a q u a n t i t y of
set f o r t h in the f u r t h e r
Cuban Trade Agreement
supplementary
of D e c e m b e r 1941.
The B u r e a u has d e t e r m i n e d that
the t o b acco
p o u n d s d u t i a b l e at
6 8 .159 8
p e r c e n t u m of
co v e r e d b y eac h e n try and w i t h d r a w a l f i l e d
at the o p e n i n g of the q u ota on J a n u a r y 2 is d u t i a b l e at
the q u o t a rates
and has
so a d v i s e d c o l l e c t o r s
0O 0
of customs*
>sWHEN THIS RELEASE HAS BEEN MIMEOGRAPHED,
PLEASE FORWARD 10 COPIES TO ROOM 1*03, WILKINS BLDG.
It the quota of 60,000,000
jcertified seed, prescribed
ely 71 percent filled by
L September 15, 19U6 to
Due to the unusually heavy imports of such potatoes during the
week ended March 15 , the Bureau has instructed the collectors of
customs to require the deposit of estimated duties at the full tariff
rate on white or Irish potatoes, other than certified seed,entered for
consumption during the period March 25 through September lh, 19^7 ,
pending determination of their quota status.
FOR IMMEDIATE RELEASE
March 21+, 191+7_____
v5
- ¿2 F 8
The Bureau of Customs announced today that the quota of 60,000,000
pounds of white or Irish potatoes, other than certified seed, prescribed
in the Canadian Trade Agreement was approximately J1 percent filled by
importations for consumption during the period September 15, 191+6 to
March 15, 191+7.
Due to the unusually heavy imports of such potatoes during the
week ended March 15, the Bureau has instructed the collectors of
customs to require the deposit of estimated duties at the full tariff
rate on white or Irish potatoes, other than certified seed,entered for
consumption during the period March 25 through September 11, 19^7,
pending determination of their quota status.
TREASURY DEPARTMENT
Washington
F O R I M M E D I A T E RELEASE,
Monday, M a r c h 2b, 19^7
Press
No.
S e r vice
S -283
The B u r e a u of Customs a n n o u n c e d t o d a y that the q u o t a
of 6 0 , 0 0 0 , 0 0 0 p o unds of -white or I r i s h potatoes, o t her
t h a n c e r t i f i e d seed, p r e s c r i b e d in the C a n a d i a n T r ade
A g r e e m e n t was a p p r o x i m a t e l y 7 1 p e r c e n t f i l l e d by i m p o r t a t i o n s
for c o n s u m p t i o n d u r i n g the. p e r i o d S e p t e m b e r 15, 19^6 to
M a r c h 15, 19^+7 D u e to the u n u s u a l l y h e a v y imports of such p o t a t o e s
d u r i n g the w e e k ended M a r c h 15, the B u r e a u has I n s t r u c t e d
the c o l l e c t o r s of customs to r e q u i r e the d e p o s i t of e s t i m a t e d
d u ties at the full tari f f rat e o n w h i t e or I r i s h potatoes,
o t h e r t h a n c e r t i f ied^seed, e n t e r e d for c o n s u m p t i o n d u r i n g
the p e r i o d M a r c h 25 t h r o u g h S e p t e m b e r 14, 19^7, p e n d i n g
d e t e r m i n a t i o n of their q u o t a status.
0 O0
THEASUHT BEPARTMSHT
Washington
FOR E£I£ASE# MOBSIHO NEWSPAPERS,
Tuesday» March 2$» 1947*
Press Service
the Secretary of the Treasury announced last evening that the tenders for
$1,300,000,000, or thereabouts, of 91-day Treasury bills to be dated March 2? and to
mature June 26, 1947, which were offered on March 21, 1947, were opened at the Federal
Heserve Banks on Ifarch 24*
The details of this issue are as follows!
Total applied for * $1,823,1470,000
Total accepted
- 1,308,024,000 (includes $22,215,000 entered on a fixedprice basis at 99*905 and accepted in full)
Average price
— 99*905/ Equivalent rate of discount approx* 0*376# per annn»
Mange of accepted competitive bidet
High
low
— 99*906 Equivalent rate of discount approx* 0.372# per annus
— 99*905
*
*
*
*
*
0*376# per annum
(70 percent of the amount bid tor at the lew price was accepted)
Federal Heserve
District
Boston
Total
Applied For
14,3W(,000
1,103,703,000
15.585.000
19.525.000
Bew York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St* louis
Minneapolis
Kansas City
4 .1 4 0 .0 0 0
7.835.000
214,871*000
22.739.000
13.850.000
7,1)
65,000
1), 800,000
Sul Francisco
TOTAL
Total
Accepted
I 10,504,000
1,023,603,000
11,91t9,000
,
14 125,000
3.690.000
.
7 825.000
170,714,000
16,319,000
10,160,000
6 ,715,000
4,500,000
28.013.000
$1,308,0214,000
TREASURY DEPARTMENT
Washington
F O R RELEASE, M O R N I N G N E W S P A P E R S ,
Tuesday, M a r c h 2 5 / 1947.
Press ¿Service
No. S-284
The S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g that
the t e n ders for $ 1 , 3 0 0 , 0 0 0 , 0 0 0 , or t hereabouts, of 9 1 - d a y ‘T r e a s u r y
b i lls to be d a t e d M a r c h 27 and to m a t u r e Jun e 26, 1947, w h i c h
w e r e o f f e r e d on M a r c h 21, 1947, w e r e o p e n e d at the F e d e r a l R e s e r v e
B a n k s o n M a r c h 24,
The d e t a i l s
of this
issue are as follows:
T o t a l a p p l i e d for - $ 1 , 8 2 3 , 4 7 0 , 0 0 0
Total accepted
- 1,308,024,000
Average price
( i n cludes $ 2 2 , 2 1 5 , 0 0 0 e n t e r e d
on a f i x e d - p r i c e b a s i s at
„
9 9 * 9 0 5 and a c c e p t e d in full)
- 9 9 * 9 0 5 / E q u i v a l e n t r a t e of d i s c o u n t approx.
0 .376 $ p e r a n n u m
R a n g e of a c c e p t e d c o m p e t i t i v e bids:
H i g h - 99.906 E q u i v v rat e of d i s c o u n t
Low
- 99*905
”
"
*
”
(70
approx. 0 .372 $ p e r a n n u m
"
0*376 % "
p e r c e n t of the amou n t b i d for at the l o w p r i c e was acc e p t e d )
Federa,l R e s e r v e
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. L o uis
Minneapolis'
K a n s a s Cit y
Dallas
S an F r a n c i s c o
TOTAL
Total
A p p l i e d for
$
14,344,000
1,433,70 3,0 0 0
15,585,0 00
19,525,0 00
4 , i 4o,ooo
7 , 835,000
241,871,0 0 0
22,739,000
13,850,000
7 , 465,000
4 , 800,000
37,613,0 00
$1,823,470,000
0 O0
Total
Accepted
$
1 0 , 384,000
1,023,603,000
11, 949,000
1 4 , 125,000
3,690,000
7,825,000
17 0 , 741,000
16,319,0 0 0
10 ,160 ,0 0 0
6,715,0 0 0
4 , 500,000
28,013,000
$1 , 3 0 8 , 0 2 4 , 0 0 0
TREASUST DEPARTMENT
Washington
FOR IMISBIATE RELEASE,
Tuesday, March 25, 191#.
Press Service
3
fT
The Treasury today announced the subscription figures and the basis
of allotment for the offering of ?/8 percent Treasury Certificates of
Indebtedness of Series B~19l*8 in exchange for Certificates of Indebted*
ness of Series D—19i*7, maturing April I, 15%7, is the ewemrit of
$2,819,69li,0QQ.
Reports received from the Federal Reserve Basks shoe that subscrip
tions aggregate $2,667,000,000. Subscriptions in amounts up to and
including $25,000, totaling about $55,000,000, sere allotted in full.
Subscriptions in amounts over $25,000 sere allotted 1*8 percent os a
straight percentage basis, but not less than $25,000 to ary one sub
scriber, with adjustments, where necessary, to the next highest $1,000.
Details as to subscriptions and allotments will be announced when
final reports are received from the Federal Reserve Banks.
TREASURY DEPARTMENT
Washington
F O R I M M E D I A T E RELEASE,
Tuesday, M a r c h 25. 1 q 4 ? .
Pi*©ss S e r v i c e
No
S -285
The T r e a s u r y t o day a n n o u n c e d the s u b s c r i p t i o n figures
and the basis of a l l o t m e n t for the o f f e r i n g of 7/8 p e r c e n t
T r e a s u r y C e r t i f i c a t e s of I n d e b t e d n e s s of Series D - 1 9 4 8 in
e x c h a n g e for C e r t i f i c a t e s of I n d e b t e d n e s s of Series D - 1 9 4 7
m a t u r i n g A p r i l 1, 19 4 7 , in the a m o u n t of $ 2 , 8 1 9 , 6 9 4 , 0 0 0 .
R e p o r t s r e c e i v e d f r o m the F e d e r a l R e s e r v e B a n k s show
that s u b s c r i p t i o n s a g g r e g a t e $ 2 , 6 6 7 , 0 0 0 , 0 0 0 .
Subscriptions
in amounts up to and i n c l u d i n g $ 2 5 ,000 , t o t a l i n g about
$ 55,000,000, w e r e a l l o t t e d in full.
S u b s c r i p t i o n s in
amounts over $ 25,000 w e r e a l l o t t e d 48 p e r c e n t on a st r a i g h t
p e r c e n t a g e basis, but not less t h a n $ 25,000 to any one
subscriber, w i t h adjustments, w h e r e n e c e s s a r y , to the nex t
h i g h e s t $ 1 , 000 .
D e t a i l s as to s u b s c r i p t i o n s and a l l o t m e n t s w i l l be
a n n o u n c e d w h e n final r e p o r t s are r e c e i v e d f r o m the F e d e r a l
R e s e r v e Banks.
0 O0
m m
- 3 sold, redeemed or otherwise disposed of, and such bills are excluded from
consideration as capital assets.
Accordingly, the owner of Treasury bills
(other than life insurance companies) issued hereunder need include in his
income tax return only the difference between the price paid for such bills,
whether on original issue or on subsequent purchase, and the amount actually
received either upon sale or redemption at maturity during the taxable year
for which the return is made, as ordinary gain or loss.
Treasury Department Circular No. Ul8, as amended, and this notice, pre
scribe the terms of the Treasury bills and govern the conditions of their
issue.
Copies of the circular may be obtained from any Federal Reserve Bank
or Branch.
m y
-
2
-
Immediately after the closing hour, tenders trill be opened at the Federal
Reserve Banks and Branches, following |rhich public announcement Trill be made
by the Secretary of the Treasury of the amount and price range of accepted
bids.
Those submitting tenders Trill be advised of the acceptance or rejection
thereof.
The Secretary of the Treasury expressly reserves the right to accept
or reject any or all tenders, in vrhole or in part, and his action in any such
respect shall be final.
Subject to these reservations, tenders for $200,000
or less from any one bidder at 99.905 entered on a fixed-price basis Trill be
accepted in full.
Payment of accepted tenders at the prices offered must be
made or completed at the Federal Reserve Bank in cash or other immediately
available funds on
Anr-S! 3. 19A7_______ .
The income derived from Treasury bills, whether interest or gain from the
sale or other disposition of the bills, shall not have any exemption, as such,
and loss from the sale or other disposition of Treasury bills shall not have
any special treatment, as such, under Federal tax Acts now or hereafter enacted.
The bills shall be subject to estate, inheritance, gift, or other excise taxes,
whether Federal or State, but shall be exempt from all taxation now or here
after imposed on the principal or interest thereof by any State, or any of the
possessions of the United States, or by any local taxing authority.
For pur
poses of taxation the amount of discount at which Treasury bills are originally
sold by the United States shall be considered to be interest.
h2 and
117
Under Sections
(a) (1) of the Internal Revenue Code, as amended by Section 11 5 of
the Revenue Act of 19U1, the amount of discount at which bills issued here
under are sold shall not be considered to accrue until such bills shall be
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS,
Jfeiday, ìfe-r.gh ^8»-.lS4!Z________•
The Secretary of the Treasury, by this public notice, invites tenders for
$ 1,3Q0 jQ00.»000
) or thereabouts, of
91
-day Treasury bills, to be issued
on a discount basis under competitive and fixed-price, bidding as hereinafter
provided.
The bills of this series Yri.il be dated
toll mature
out interest.
April 3, 1947
, and
¡Is?
, when the face amount toll be payable Yiith-
July 3, 1947
They Trill be issued in bearer form only, and in denominations
of $ 1 ,000, $ 5 ,000, $ 10 ,000, $ 100,000, $ 500,000, and $ 1 ,000,000 (maturity value).
Tenders Trill be received at Federal Reserve Banks and Branches up to the
closing hour, two o ’clock p.m., Eastern Standard time,
Monday, March 31, 1947
Tenders will not be received at the Treasury Department, Washington.
Each
tender must be for an even multiple of $ 1 ,000, and the price offered must be
expressed on the basis of
Fractions may not be used.
100,
Y/ith not more than three decimals, e. g.,
99.925»
It is urged that tenders be made on the printed
forms and forwarded in the special envelopes which Trill be supplied by Federal
Reserve Banks or Branches on application therefor.
Tenders will be received without deposit from incorporated banks and trust
companies and from responsible and recognized dealers in investment securities.
Tenders from others must be accompanied by payment of 2 percent of the face
amount of Treasury bills applied for, unless the tenders are accompanied by an
express guaranty of payment by an incorporated bank or trust company.
; TREASURY DEPARTMENT
Washington
FGR RELEASE, MORNING NEWSPAPERS,
F r i d a y , M a r c h 2 8 , -1[9 4 7 .
•
;
P ress.-S ervice
No . 5 - 2 8 6
The S e c r e t a r y o f th e T r e a s u r y , b y t h i s p u b l i c n o t i c e , i n - v .
v i t e s t e n d e r s f o r $ 1 , 3 0 0 , 0 0 0 , 0 0 0 , b r ' t h e r e a b o u t s , c.f ..-9 1 - d a y '
T r e a s u r y b i l l s , t o b e i s s u e d - o n a d i s c o u n t b a s i s u h d e r .e cm pe - ■
t i t i v e a n d f i x e d - p r i c e •b i d d i n g a s h e r e i n a f t e r p r o v i d e d .
The •
b i l l s ' o f t h i s s e r i e s w i l l b e d a t e d A p r i l 3 > 1 9 ^ 7 , and w i l l
m a t u r e «July 3 , 1 9 4 . 7 , w h * n t h e f a c e a m o u n t w i l l b e p a y a b l e w i t h
out in te re st,T h e y' w i l l b e i s s u e d i n b e a r e r f o r m o n l y , a n d i n ' . d e n o m i n a t i o n s o f $ 1 , 0 0 0 , .$ 5 , 0 0 0 , $ 1 0 , 0 0 0 ,- $ 1 0 0 , 0 0 0 , $ 5 0 0 , 0 0 0 ,
and $1 , 0 0 0 ,9 0 0 ( m a t u r i t y v a l u e ) . ■
T e n d e r s w i l l b e ' r e c e i v e d a t F e d e r a l R e s e r v e B a n k s and'
B r a n c h e s up t o t h e c l o s i n g h o u r , two o c l o c k p . m . , E a s t e r n S t a n d a r d t i m e , Monday, M arch 3 1 , 1 9 4 7 .
Tenders w i l l n o t be
r e c e iv e d a t the T re a s u ry D epartm ent, W a sh in g to n .
Each te n d e r .
m u s t b e f o r a n e v e n m u l t i p l e o f $ 1 , 0 0 0 .,, a n d t h e p r i c e o f f e r e d
m u s t b e e x p r e s s e d o n t h e b a s i s o f 1 0 0 , w i t h n o t ' m o r e t h a n th r e e - ,
d e c i m a l s , e . g ., 99*925»
F r a c t i o n s m ay n o t b e u s e d . • I t i s u r g e d ,
t h a t t e n d e r s b e made o n t h e p r i n t e d f o r m s a n d f o r w a r d e d l h t h e
s p e c i a l e n v e lo p e s w hich w i l l be s u p p lie d by F e d e r a l R e se rv e
B an ks o r B r a n c h e s on, a p p l i c a t i o n t h e r e f o r ' . , '
y
,
T en d ers w i f i be r e c e i v e d w ith o u t d e p o s i t from in c o r p o r a t e d
b a n k s and t r u s t c o m p a n ie s and fr o m r e s p o n s i b l e and r e c o g n i z e d
d e a le rs in -in vestm en t s e c u r i t i e s ;
T en d ers f r o m - o t h e r s must
be a c c o m p a n ie d b y p aym en t o f 2 p e r c e n t o f t h e f a c e amount o f
T r e a s u r y b i l l s a p p l i e d f o r , u n l e s s th e t e n d e r s 'are a cco m p an ie d
by an e x p r e s s g u a r a n ty o f paym ent by an i n c o r p o r a t e d ban k or •
t r u s t company.
Im m ed iately a f t e r th e c l o s i n g h o u r, te n d e r s w i l l be opened
a t t h e F e d e r a l R e s e r v e Banks and B r a n c h e s , f o l l o w i n g w h ic h p u b l i c
a n n o u n c e m e n t w i l l b e made b y t h e S e c r e t a r y o f t h e T r e a s u r y o f
t h e amount and p r i c e r a n g e o f a c c e p t e d b i d s .
Those s u b m it t in g
te n d e r s w i l l be a d v is e d o f th e a c c e p ta n c e or r e j e c t i o n t h e r e o f .
Tho S e c r e t a r y o f t h e T r e a s u r y e x p r e s s l y r e s e r v e s t h e r i g h t t o
a c c e p t o r r e j e c t any o r a l l t e n d e r s , i n w h o le o r i n p a r t , and
h i s a c t i o n i n any such r e s p e c t s h a l l be f i n a l .
S u b ject to th ese
r e s e r v a t i o n s , t e n d e r s f o r $2 0 0 , 0 0 0 o r l e s s f r o m a n y o n e b i d d e r
a t 9 9 . 9 6 5 e n t e r e d on a f i x e d - p r i c e b a s i s w i l l b e a c c e p t e d i n *
fu ll.
Payment o f a c c e p t e d t e n d e r s a t th e p r i c e s . o f f e r e d m ust
b e mad e o r c o m p l e t e d a t t h e F e d e r a l R e s e r v e B a n k i n c a s h o r
o t h e r i m m e d i a t e ly a v a i l a b l e fu n d s on A p r i l 3 , 19^7*
2
The incom e d e r i v e d fro m T r e a s u r y t i l l s * w h e th e r i n t e r e s t
o r g a i n from th e s a l e or o t h e r d i s p o s i t i o n o f th e h i l l s , s h a l l
n o t h a v e an y exem ption,, a s s u c h , and l o s s fro m t h e s a l e o r
o th e r "(d isp o s itio n o f T re a su ry h i l l s s h a l l n o t have any s p e c i a l
t r e a t m e n t , •a s s u c h , u n d e r F e d e r a l t a x A c t s ‘ now o r h e r e a f t e r
enacted.
The h i l l s s h a l l he s u b j e c t t o e s t a t e , i n h e r i t a n c e ,
g i f t , or o th er e x c is e ta x e s , w hether F e d e ra l or S t a t e , but
s h a l l b e e x e m p t " f r o m a l l t a x a t i o n no w o r h e r e a f t e r i m p o s e d on,
th e " p r in c ip a l n r - i n t e r e s t t h e r e o f by any S t a t e , or any o f the
p o s s e s s i o n s o f ■ th e "U nited S t a t e s , or b y any l o c a l t a x i n g
au th o rity.
F o r p u r p o s e s o f t a x a t i o n t h e amount o f d i s c o u n t a t
w h ich T re a s u ry b i l l s a re o r i g i n a l l y s o ld by th e U n ite d S t a t e s
s h a l l be c o n s id e r e d to be i n t e r e s t .
U n d e r S e c t i o n s 42 a n d 1 1 7
( a ) ( l ) o f t h e I n t e r n a l R e v e n u e C o d e, a s amended b y S e c t i o n 1 1 5
o f t h e R e v e n u e ' a c t o f 1*9 ^ 1, t h e a m o u n t o f d i s c o u n t . , a t w h i c h
b i l l s I s s u e d h e re u n d e r a r e s o ld s h a l l n o t be c o n s id e r e d to
a c c r u e u n t i l such b i l l s s h a l l be s o ld , redeem ed or o th e r w is e
d i s p o s e d o f / and s u c h b i l l s a r e e x c l u d e d fro m c o n s i d e r a t i o n a s
ca p ita l assets.
A c c o r d i n g l y , th e owner o f T r e a s u r y b i l l s
( o . t 'h e r t h a n l i f e i n s u r a n c e c o m p a n i e s ) i s s u e d h e r e u n d e r n e e d
i n c l u d e i n h i s Income t a x r e t u r n o n l y t h e d i f f e r e n c e b e t w e e n
t h e p r i c e 'p a i d f o r s u c h b i l l s , w h e t h e r on o r i g i n a l i s s u e o r
on s u b s e q u e n t p u r c h a s e , and t h e amount a c t u a l l y r e c e i v e d e i t h e r
upon s a l e or re d e m p tio n a t m a t u r i t y d u r in g th e t a x a b le y e a r
f o r w h ic h th e r e t u r n I s made, as o r d i n a r y g a i n o r l o s s .
T r e a s u r y D e p a r t m e n t C i r c u l a r N o . 41 *8 , a s a m e n d e d , a n d
t h i s n o t i c e , p r e s c r i b e t h e te r m s o f t h e T r e a s u r y b i l l s , and
govern the co n d itio n s' o f t h e ir i s s u e .
C opies o f th e c i r c u l a r
ma y b e o b t a i n e d f r o m a n y F e d e r a l R e s e r v e B a n k o r B r a n c h .
oOo
.
- 7
$
TREASOHÏ BKPäRTHEHT
Brats Service
TOR RELEASE, r a m » REffSPAPERS,
tora. X. 19ht«_______
13» Secretary of the Treasury announced last evening that the tenders for
11,300,000,000, or thereabouts, of 91-dasr Treasury h m « to he dated April 3 and to
»ature Jhly 3, 191*7, which were offered ou March 28, 191*7, »ere opened at the M r d
Reserve Banka on Sarch 31*
The details of this issue are a» followss
M a l applied far - $1.721,799,000
Total accepted
- 1,303*21*9,000 (include« $1$,259,000 entered m a fÍ3s»d-price
basis at 99*905 and accepted in full)
Average price
* 99.905/ Equivalent rate of discount approx. 0.376£ per tana
Range of accepted competitive bide*
High
99*
99
lor
Equivalent rate of discount apprise*
•
e
w
e
m
0.376%
per « m m
*
(75 parami of the axaount bid for at the 1er price m m accepted)
federal Reserve
District
W m lark
yM
GIflVQA&Hfll
jTe’t
»fciñSÉ
Atlanta
Chicago
St. leale
Kansas City
San Francisco
TOTAL
Total
Applied for m
fetal
Accepted
1 13,620,000
1,316,91*0,000
27,975,000
7,150,000
3,135,000
750,000
286,052,000
32,280,000
1,185,000
16,590,000
1,270,000
36,872,000
•
$1,721,799,000
♦1,303,21*9,000
8,71*5,000
992,315,000
22,725,000
5 ,650,000
2,71*0,000
750,000
215,302,000
9,1*30,000
1,185,000
lk,265,000
1,270,000
28,872,000
*
TREASURY DEPARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS|
Tuesday, A p r i l 1 , 194?
P r e s s Se r v i c e
No. S-287
Th e S e c r e t a r y of the T r e a s u r y a n n o u n c e d last e v e n i n g
that the t e n d e r s f o r '$1,300,000,000, or t h e r e a b o u t s / of 9 1 - d a y
T r e a s u r y b i l l s to be d a t e d A p r i l 3 a n d to m a t u r e J u l y 3, 1947>
w h i c h w e r e o f f e r e d on M a r c h 28 , 1 9 4 7 » w e r e opened at the
F e d e r a l R e s e r v e B a n k s on M a r c h 31.
T he d e t a i l s of this i s sue are as follows:
T o t a l a p p l i e d f or
Total accepted
- $1,721,799,000
- 1,303,249,000
( i n c l u d e s $ 1 5 , 2 5 9 , 0 0 0 e n t ered
on a f i x e d - p r i c e b a s i s at
9 9 * 9 0 5 and a c c e p t e d in full)
A v e r a g e p r ice - 99.905-/- Equi v . r a t e of d i s c o u n t approx. 0 . 3 7 6 $
per annum
R a n g e of a c c e p t e d c o m p e t i t i v e bids:
H i g h - 99.907 Equiv.
Low
- 99.905
"
r a t e of d i s c o u n t approx.
M
M
"
n
Ö . 368& p e r a n n u m
0.376^
"
(75 p e r c e n t of the a m o u n t b i d f o r at the l o w p r ice was a c c e p t e d )
Federal Reserve
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. L o u i s
Minneapolis
Kansas City
Dallas
San Francisco
T o tal
A p p l i e d f or
$
1 1 ,620,000
1 , 3 1 6 ,9 ^ 0,000
2 7 .975.000
7 .150.000
3 .115.000
750,000
286,052,000
1 2 . 280.000
Total
Accepted
$
8 ,745,000
9 9 2 .315.000
2 2 . 725.000
5.650.000
2.740.000
750,000
215.302.000
9.430.000
1 . 185.000
16 .590.000
1 .270.000
36 .872.000
2 8 . 872.000
$1,721,799,000
$1,303,249,000
vo0o
1.185.000
14.265.000
1,270,000
TREASURY DEJARTMENT
Washington
FOR RELEASE, MORNING NEWSPAPERS
Friday, March 28. 1947
preSs Service
No. S -288
The unfreezing of Sweden was announced today by Secretary Snyder.
This step was made possible by the satisfactory conclusion of negotiations
between the Treasury Department and the Swedish Government concerning the
investigation of the ownership of property held in the United States in
the names of nationals of Sweden for the' purpose of identifying any such
property in which there has been an eneny interest*
By amending General Licenses Nos. 94- and 95 to include Sweden
the controls over current transactions with that country are now removed
and provision is made for the release of blocked Swedish accounts under the
certification procedure of General License No. 95* The Swedish Foreign
Exchange Office (Valutakontoret) has been designated as the certifying
agent for Swedish assets. Treasury officials called attention to the fact
that the accounts of financial institutions in Sweden remain subject to
the provisions of General Rilling No. 17 until they are certified under
General License No, 95*
Copies of the letters exchanged between Secretary Snyder and
Mr. Ernst Wigforss, Minister of Finance, are available at the Federal Reserve
Bank of New York.
TREASURY DEPARTMENT
Washington
F O R RELEASE, M O R N I N G N E W S PAPERS,
Friday, M a r c h 28, 1 9 4 7 .
_______
Press Service
N o . S-288
The u n f r e e z i n g of S w e d e n was a n n o u n c e d t o d a y "by
S e c r e t a r y Snyder.
This step was m a d e p o s s i b l e b y the s a t i s
f a c t o r y c o n c l u s i o n of n e g o t i a t i o n s b e t w e e n the T r e a s u r y
D e p a r t m e n t and the S w e d i s h G o v e r n m e n t c o n c e r n i n g the i n v e s t i
g a t i o n of the o w n e r s h i p of p r o p e r t y h e l d in the U n i t e d States
in the names of n a t i o n a l s of S w e d e n for the p u r p o s e of
i d e n t i f y i n g any such p r o p e r t y in w h i c h there has b e e n an
e n e m y interest.
B y a m e n d i n g G e n e r a l L i c e n s e s Nos. 94 and 95 to i n c l u d e
S w e d e n the controls over current t r a n s a c t i o n s w i t h that
c o u n t r y are n o w r e m o v e d and p r o v i s i o n is m a d e for the r e l e a s e
of b l o c k e d S w e d i s h accou n t s u n d e r the c e r t i f i c a t i o n p r o c e d u r e
of G e n e r a l L i c e n s e No, 95*
The S w e d i s h F o r e i g n E x c h a n g e
Office ( V a l u t a k o n t o r e t ) has b e e n d e s i g n a t e d as the c e r t i f y i n g
agent for S w e d i s h a s s e t s . T r e a s u r y o f f i c i a l s c a l l e d a t t e n t i o n
to the fact that the a c c ounts of f i n a n c i a l i n s t i t u t i o n s in
S w e d e n r e m a i n subject to the p r o v i s i o n s of G e n e r a l R u l i n g
No. 17 u n t i l t h e y are c e r t i f i e d u n d e r G e n e r a l L i c e n s e No. 95 ..
Cop ies of the letters e x c h a n g e d b e t w e e n S e c r e t a r y S n y d e r
and Mr, E r n s t W i g f o r s s , M i n i s t e r of Finance, are a v a i l a b l e
at the F e d e r a l R e s e r v e B a n k of N e w . Y o r k .
0O 0
0
THEâSÜKT DEPARTMENT
Washington
FOR ÎÜSlïifS RELSASE,
Friday, March 28j 19k7*
Press Service
Tco. —
2* $ Ÿ
The Secretary of the Treasury today announced the subscription and allot
ment figures with respect to the current offering of 7/8 percent Treasury Certificates of Indebtedness of Series D-19U8, to be dated April 1, 19i*7.
Subscrip
tions for amounts up to and including *2£,000 were allotted in full and amounted
to *£5,1*26,000,
Subscriptions and allotments were divided among the several Federal Reserve
Districts and the Treasury as follows t
Federal Reserve
D i s t r i c t _____
Total Subscriptions Received
Total Subscriptions Allotted
Boston
New Tork
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Treasury
*
t
TOTAL
U , 239,000
1,688,398,000
U6,81*7,000
61,850,000
32,260,000
75,057,000
239,0143,000
93,175,000
51»,7U»,000
102,662,000
86,833,000
llà, 9014,000
1,555,000
#2,668,537,000
20,710,000
8114,011»,000
23,1»92,000
33,071»,000
17,250,000
38,572,000
121,983,000
1*9,033,000
32,389,000
55,335,000
1»3,1*95,000
70,778,000
775,000
#1,320,900,000
(
TREASURY DEPARTMENT
"Washington
FOR IMMEDIATE RELEASE
Friday, M a r c h 28. i q 4 7 .
Press S e r vice
No. S -289
scriptionSandeallotmLih^ Tl’eaSUr?r today “ “»«¿«»d the suboffering of 7 /R
figures with respect to the current
of serils D- 1 9 f8P ?oebe
°f Indebtedness
for amounts up ^ a^d inciulinf tPR
’
Subscriptions
and amounted to $5^426 000
$ 5' °° were ail°ted in full
S u b s c r i p t i o n s and
a l l o t m e n t s w e r e d i v i d e d a m o n g the
several Federal Reserve
D i s t r i c t s and the T r e a s u r y as follows;
Federal Reserve
District
Boston
New York
T o t a l Subscriptions R e c e i v e d
$
'41,239,000
1 ,688 , 398,000
Philadelphia
Cleveland
46.847.000
6 1 . 850.000
Richmond
Atlanta
C h i cago
S t . Louis
32.260.000
75.057.000
239,043,00093.175.000
54.714.000
1 0 2 ,662,000
86 .833.000
144,904,000
1,555,000
Minneapolis
Kans a s City
Dallas
San F r a n c i s c o
Treasury'
TOTAL
$ 2 ,668 , 537,000
0O 0
I
Total Subscriptions A l l o t t e d
$
20 ,710,000
814.014.000
23.492.000
33.074.000
17.250.000
38,'572,000
1 2 1 .983.000
^ 9 , 033,000
32 . 389.00
55,335,0(0
43.495.000
70 .778.000
77 5 , 0 0 0
$ 1 ,320 ,900,000
0
@FedFRASER